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If You Think Crypto Is Volatile, Look at Stocks: Binance CEO

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© Reuters. If You Think Crypto Is Volatile, Look at Stocks: Binance CEO

  • Changpeng Zhao said that the crypto market is volatile due to the stock market diving off.
  • He had posted several tweets regarding the global crypto market fall.
  • Zhao also suggested learning about risk management due to the crypto fall.

The worsened crypto market has put crypto enthusiasts and investors in distress. From BTC to the altcoins with the lowest market cap, almost all the cryptocurrencies are currently trading downwards with huge plunges.

Contextually, Binance CEO Changpeng Zhao tweeted that the stock market is also currently as volatile as the crypto market. He added screenshots of the Coinbase (NASDAQ:COIN) and Netflix (NASDAQ:NFLX) stock markets mentioning the -84% and -72% dip respectively. He also adds that it is vital to “learn about risk management.”

While looking at the stock market, currently, most of the large-cap stocks indicate red: Apple (NASDAQ:AAPL) is registered at a price of $146.5, with a 5.18% dip, Microsoft (NASDAQ:MSFT) trades at $260.55 (-3.32%), and Google (NASDAQ:GOOGL) at $2279.2 (-0.54%). Moreso, Amazon (NASDAQ:AMZN) (-3.2%), Tesla (NASDAQ:TSLA) (-8.25%), and Meta Platforms (-4.5%) also show downticks.

Notably, many market analysts believe that the stock market is almost directly proportional to the crypto market, which means that when the global stock value decreases, the global crypto market also takes a hit. This appears to be the reason for crypto’s current volatility.

Moreover, in replying to the questions on market conditions, Changpeng Zhao said that we need to respect the market but with a level of caution. “It goes up and down in cycles.”

He also remarked that we are in a new market with many innovations, and stablecoin is one of them. When they are hot, they are all the rage. When they drop, it can be a vicious circle. With this, he comes to the point that some innovations would be successful and some would not.

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Cryptocurrency

SEC chair uses crypto enforcement in justification for FY2023 budget

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SEC chair uses crypto enforcement in justification for FY2023 budget

Gary Gensler, chair of the United States Securities and Exchange Commission, or SEC, has cited concerns about cryptocurrency enforcement in its budget request for the next fiscal year.

In written testimony for a Wednesday hearing of the U.S. House Committee on Appropriations, Gensler said he supported President Joe Biden’s request to budget more than $2.1 billion for the SEC in FY2023, allowing the regulatory body to increase its enforcement division by 50 people. The SEC chair cited concerns about the crypto space, referring to markets as “highly volatile and speculative” as well as the need for “new tools and expertise” to address enforcement.

SEC chair Gary Gensler addressing the U.S. House Committee on Appropriations on Wednesday

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Candidate supported by Bankman-Fried-linked PAC loses Oregon primary

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Candidate supported by Bankman-Fried-linked PAC loses Oregon primary

Andrea Salinas has won the Democratic primary election for the newly created Oregon 6th District seat in the United States House of Representatives. Practically since it started, the election race was the object of intensive media attention, which most often centered around Salinas’ opponent Carrick Flynn, whose campaign was generously funded by the Protect Our Future political action committee (PAC) backed by billionaire FTX CEO Sam Bankman-Fried. The PAC paid for a flood of advertising supporting Flynn.

Salinas won the seat with 38% of the vote, while Flynn came in second at 19%, with the remaining votes split among seven other candidates.

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Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan

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Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan

In times of high stress and market turmoil, sports entertainment has served as a valuable escape for people around the world as they get a chance to root for their favorite players and teams while briefly forgetting about the worries of the world.

Amid the ongoing market volatility and falling crypto prices, sports fans have cause to rejoice as multiple fan tokens have bucked the downtrend on May 18 to post 40% plus gains.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

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