Panic Sets In As The Market Show Signs Of Mass Hysteria, Binance CEO Sets The Record Straight

If you woke up today from a 4-year coma, you would swear that it’s the year 2018. Bitcoin’s crashing and seemingly burning and social media is full of panic and an early form of cancel culture. But nope. It’s 2022, and it’s looking like this trend is more than just our yearly correction.

With several end-over-end record-setting losses setting in over the past 72 hours with no obvious end in sight, the global cryptocurrency market is showing a trend that no one is used to… pure loss and indescribable fear… for everyone.

Early reports starting coming from the United Kingdom and United Arab Emirates on Friday of the USD equivalent of $293,500,000,000 leaving the market in a 24 hour period. It was the majority’s early opinion that Bitcoin’s $27,000 support level would be the floor and we would bounce back as the trends suggest.

1h Chart Showing Early Loss (Source: SOLUSD)

But the trends were wrong.

According to several reports from various sources, in the past 30 days, a record ONE TRILLION DOLLARS (USD) worth of liquidity has been pulled from all across the market. Let’s just take a second and think about this. ONE… TRILLION… DOLLARS… GONE!!! Thats TWELVE ZEROS, folks! Completely removed from the market all together. Though cryptocurrency can still arguably be considered to be in it’s infancy, that number stands alone as the single largest 30-day loss recorded in the industry’s entire history.

And that’s not the end of it.

Binance’s C.E.O. Changpeng Zhao (commonly known as “CZ” amongst enthusiasts) released a statement himself for the first time since June of last year, confirming that not only is the entire market deep red, but this is the most dramatic gain/loss spike that Binance has experienced since the company first opened it’s metaphorical doors for trading in 2020. He also addressed another panic that was making it’s rounds on Twitter, by saying that between mid-day Friday and early Saturday, a record-high 8.23 million transactions (22.8% of transactions that were initiated and signed during that period) were redirected back to it’s sending address due to the overwhelming amount of transactions that were taking place.

Although he didn’t clarify whether this was representative of Binance’s numbers alone or representative of the entire market, one thing is clear… something isn’t right.

$1,000,000,000,000 removed from the market due to the inevitable fear of loss. Over 8 million transfers or withdrawals failed due to networks being overloaded. Insane records being broken (and not in a good manner). Is this the end of the DeFi-era of cryptocurrency as we know it? Or is this just another marquee trend to add to the history books?

Hopefully it’s the latter.