In spite of FTX's financial difficulties, he noted that the cryptocurrency sector as a whole is doing well.

The crypto world was left in a state of confusion as a direct result of CZ's tweet on Coinbase.

Despite recent occurrences, the cryptocurrency business is doing well.
The chief executive officer of the cryptocurrency exchange Binance, Changpeng Zhao, is of the opinion that the cryptocurrency market as a whole is doing well despite the failure of FTX. When questioned by Bloomberg on the effects of the fall of the FTX, CZ said that;

"I believe that there will be some evidence of contagiousness. When a trading platform fails, there are typically a large number of additional individuals and institutions that have money on the platform. I believe that we witnessed Genesis put a stop to withdrawals. My guess is that there will be one, two, or maybe a handful of additional people who are impacted by this. There is a domino effect that occurs if one of the platforms breaks. But on the whole, things are going well in the industry.

The most recent cryptocurrency-related news follows CZ's tweets criticizing Coinbase a few days after they were published. The presenters at Bloomberg remarked that his tweets seemed to imply that some cryptocurrency companies, including Coinbase and Grayscale, would be experiencing liquidity concerns. Several hours later, though, CZ erased the tweet from their account. When he was questioned if investors had any reason to be concerned, he explained that;

"I did not tweet about Grayscale, nor did I state that there were liquidity concerns at Coinbase," the person said. Simply said, I was referring to two different pieces. According to one story, Coinbase has said that Grayscale had 635k bitcoins in its wallet. According to the second piece of writing, Coinbase disclosed a few months ago that Grayscale only had 600,000 bitcoins listed on the exchange. I simply wanted to make sure that the two numbers that you posted were right. Because of the confusion that was caused throughout the community as a result of this, I decided to delete the tweet.

The purpose of CZ's tweet is not to disseminate rumors.
The host of Bloomberg also inquired as to whether or not CZ's tweet was intended to disseminate rumors with the purpose of casting doubt on the credibility of those businesses so that he could establish his own empire. In response, CZ said that;

"I do not know whether or not those other businesses are having problems with going bankrupt. The thing is, we can't say for certain what the situation is unless we get accurate financial statements. But I won't be doing that because we want to establish ourselves as an empire.

He further stated that he was to blame for not tweeting about FTX in a timely manner. He went on to say that;

"As a sector, we allowed FTX to grow to an unmanageable size before we began to investigate the validity of the company's financial statement."

Binance, which is currently the most popular cryptocurrency exchange in the world, handles a daily trading volume of approximately $10 billion.

According to Changpeng Zhao, the cryptocurrency market as a whole is doing well despite the failure of FTX. This news was originally published on CoinJournal.