With the departure of cryptocurrency exchange Binance and its CEO Changpeng “CZ” Zhao making headlines over the past 24 hours, the digital asset space has entered rollercoaster mode, with traders betting on long positions in the market liquidating nearly $1.75 One hundred million U.S. dollars.
On November 21, the case filed by Binance and CZ with the U.S. Department of Justice (DOJ) progressed. CZ announced that he had admitted to violating anti-money laundering laws and resigned as Binance CEO. In addition, the Department of Justice also announced a $4.3 billion settlement with Binance and appointed a new CEO.
Today, I resigned as CEO of Binance. Admittedly, letting go emotionally is not easy. But I know it’s the right thing to do. I made a mistake and I must take responsibility. This is what’s best for our community, Binance, and myself.
Binance is no longer a baby. This is…
— CZ Binance (@cz_binance) November 21, 2023
Binance is one of the largest cryptocurrency exchanges in the world, and events at Binance have had an impact on the market. according to According to data from cryptocurrency derivatives data platform CoinGlass, $175 million worth of cryptocurrency longs were liquidated in the past 24 hours. On the other hand, $51 million of short positions were cleared.
In the past 24 hours, the market liquidated more than $226 million in crypto assets. The data platform showed that 92,742 traders had their positions closed within the specified time. The most significant order occurred on the BTC/USD currency pair on cryptocurrency exchange Bybit, with approximately $2.35 million liquidated.
related: Binance’s $3.9B USDT Move Amid DOJ Settlement Claims Raises Community Concern
In addition to liquidations, the news may have affected crypto asset flows on the Binance exchange. according to Data aggregator DefiLlama said asset inflows to the Binance exchange fell by more than $1 billion in the past 24 hours. Market trends show that some traders have temporarily stopped depositing assets into exchanges.
On November 21, Binance’s BNB (BNB) token bucked the trend and went against the overall market sentiment of the day. The rally was short-lived, however, as news of the Justice Department settlement broke. BNB broke above a five-month high of $271.9 before falling back to $237 at the time of writing.
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