Leaks Reveal Crypto CEOs Are Braced For A $65 Billion Bitcoin And Ethereum Price Earthquake

Bitcoin
Bitcoin
Ethereum, and other crypto markets have been hit hard by this year’s devastating price crash (and might take the next blow).

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Bitcoin’s price crashed to around $17,000, driving down Ethereum’s price. Causing chaos in crypto companies, forcing Coinbase CEO to issue dire warnings.

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Now, following the shock collapse of major cryptocurrency exchange FTX, the CEOs of some of the biggest cryptocurrency companies have announced that the cryptocurrency crisis has pegged the stablecoin Tether to $65 billion. Leaks reveal that they fear it could destabilize. Bitcoin, Ethereum, and other cryptocurrencies.

Forbes detailsCoinbase CEO Announces 50% Crash Prediction Following Crash in Bitcoin, Ethereum, and Crypto PricesTo billy bambrough

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Binance CEO Changpeng “CZ” Zhao reportedly told FTX founder Sam Bankman-Fried in a signal message group to “stop trying to depeg stablecoins.” there is new york times
new york times
and the wall street journal“And stop doing anything. Stop now. Don’t do any more damage.”

Bankman-Fried has reportedly denied that his company, which went bankrupt, Alameda Research, was trying to devalue Tether from its dollar price. This is likely to drive down the price of Bitcoin, Ethereum and his already badly damaged $800 billion crypto market.

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“A transaction of that size would have no material impact on Tether’s pricing and, to my knowledge, neither I nor Alameda have intentionally attempted to depeg Tether or any other stablecoin.” Bankman-Fried said in a statement. WSJMorethe question: “Are you arguing that you think the $250,000 USDT trade will unpeg it?”

Signal Group Chat, which includes Paolo Ardoino, chief technology officer of Tether’s issuing company, Jesse Powell, chief executive of rival exchanges, and Justin Sun, founder of Tron, said: called “adjustment”. WSJMore report.

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Forbes detailsLeaked Twitter Code Reveals Secret Cryptobomb, Raises Serious Bitcoin and Dogecoin QuestionsTo billy bambrough

FTX’s sudden meltdown in November comes months after this year’s crashes in Bitcoin, Ethereum and cryptocurrency prices caused algorithmic stablecoin terraUSD and its support coin luna to implode, sparking a chain reaction. I was.

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Stablecoin market led by Tether, Circle’s USDC
USDC
Binance BUSD
BUSD
, has swelled to a total of about $150 billion over the past few years. Stablecoins, mostly pegged to the U.S. dollar, act as lubricant for the wheels of the cryptocurrency market, helping the flow of funds away from the traditional financial system.

Earlier this week it was reported by semaphore The tether “appears to be wobbly” Quote Hedge fund traders have claimed high hopes that Tether will be the crypto market’s next victim.