Changpeng ‘CZ’ Zhao, the CEO of the Binance cryptocurrency exchange, on Saturday expressed worry for traders after learning about the outrageous phenomenon known as ‘trade jitters’ on other cryptocurrency exchanges.
“Jitters” in crypto trading normally refer to a trade event whereby an investor’s buy or sell order gets stuck and moves down in the list, thus allowing newer trade orders to go through.
CZ’s concerns against jitters did not openly target any particular exchange. However, the Twitter crypto community assumed it was a dig at FTX, a cryptocurrency exchange led by Sam Bankman-Fried.
The community’s comment suggested that “jitters” is a common and accepted condition.
Zhao responded to the crypto community by saying that: “All of you guys knew and didn’t say anything. We need to fight the bad players.”
CZ further reached out to the VIP traders on Binance, who allegedly confirmed knowing about the illicit trade activities.
The indirect accusation against FTX happened when the exchange and four other crypto-related firms recently received cease-and-desist letters from the Federal Deposit Insurance Corporation (FDIC).
On Friday last week, the FDIC revealed that FTX US, SmartAssets, FDICCrypto, Cryptonews, and Cryptosec were misleading investors by saying that their products were FDIC-insured.
Accepting Push from Heroes
Besides the above definition, ‘market jitters’ is a common term that refers to increased anxiety and perceived uncertainty among market participants about the economy or a particular asset market.
Market jitters can be a sign that the crypto market is in a pullback or correction phase. This can lead to the market further degenerating into a significant economic downturn.
Cryptocurrency has too many bad people. For the market to succeed, it needs more heroes.
From strict regulation policies, soaring inflation, market crash, major crypto exchange filing for bankruptcy, to hackers stealing millions in the market, the cryptocurrency industry has had to deal with many issues in the past couple of months.
The market needs a few ‘heroes’ to help it get back up on its feet.
While there is uncertainty facing the future of crypto, there will always be proponents of the technology who want to back it unconditionally.
Elon Musk, the founder and CEO of Tesla, has been very vocal about his support for the cryptocurrency market.
Even nations such as El Salvador and the Central African Republic have declared Bitcoin as a legal tender.
Billionaire Sam Bankman-Fried, CEO of one of the largest crypto exchanges, FTX, recently launched support of rescuing bankrupt crypto lending firms like Voyager and BlockFi to keep the industry strong.
These are testimonies of people ready to believe in this technology and willing to fight for it till the end.
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Source: https://blockchain.news/news/binance-ceo-calls-out-bad-players-for-crypto-exchange-jitters