Binance’s Changpeng Zhao (CZ) urges Jim Cramer not to endorse embattled exchange “for everyone’s sake”

This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.

In what may be one of the more bizarre and comical interactions on Twitter, Binance CEO Changpeng Zhao (CZ) refused an endorsement from Jim Cramer, fearing a completely karmic “inverse Cramer” curse.

Our regular readers are well aware of Jim Cramer’s tendency to reverse the consensus view of the market – one that doesn’t usually allow for market-beating returns. So profound has the CNBC anchor’s penchant for parroting the “well-known” view that the dedicated ETF is now working to overturn Cramer’s recommendations, giving investors the opportunity to generate some much-needed alpha. In fact, IndexOne’s hypothetical inverse Cramer index — aka the i1 Inverse Cramer — is currently up a whopping 31.61 percent so far this year, while the S&P 500 is down 16 percent.

And back, Jim Cramer recently tweeted that he feels “comfortable with Binance”.

In response, CZ joked that Jim Cramer should not use Binance “for anyone else’s sake.”

Of course, the past few days have not been easy for the beleaguered exchange, as we noted yesterday. First, Binance tasked Mazars with conducting an “audit” of its reserves. However, the auditor’s press release noted the limited nature of its involvement with Binance, which precluded the process of obtaining any actual “evidence” that would have allowed the auditor to form an opinion. To a large extent, Binance’s Proof of Reserves certificate has been hidden around the exchange’s liabilities.

Also Read:  Apple M2 Max vs. M1 Max

Then, Reuters reported that the US Department of Justice may charge Binance in a money laundering investigation that began in 2018. To make matters worse, the exchange Stop Withdraw USDC briefly yesterday as part of a currency swap with Paxos. However, this action caused a fierce wave of panic among investors, which led to large outflows from Binance.

Source: https://defillama.com/cexs

According to the DeFi Llama scheduler, Binance has seen a net inflow of over $2 billion over the past 24 hours. Moreover, the measure of gross value locked (TVL) has now fallen to $59.91 billion from over $66 billion in 11The tenth Dec.

However, after yesterday’s madness, things seem to have calmed down now, according to a recent tweet by Changpeng Zhao (CZ).

Do you think there is a material possibility that Binance could still go down? Let us know your thoughts in the comments section below.

Share this story

Facebook

Twitter

Leave a Comment