The cryptocurrency markets have a love-hate relationship with unexpected news events, a fact writ large in bitcoin’s response to Binance boss Changpeng ‘CZ’ Zhao’s totally unexpected departure from the world’s most prominent cryptocurrency exchange on Tuesday.
CZ rescinded the role as part of a $4.3 billion settlement with US regulators over money laundering, bank fraud and sanctions violations charges.
Binance’s native BNB token plummeted more than 10% as a result, but losses were felt across the entire cryptocurrency market.
Benchmark cryptocurrency bitcoin plummeted more than 4.5% in response to the news in the worst trading session for the BTC/USDT pair in nearly three months.
Some buoyancy returned to the markets on Wednesday morning though, regaining 2% on lost ground. Bitcoin was swapping for $36,450 at the time of writing.
Bitcoin is over 37% higher over six months – Source:
