CZ rise, Binance deal clears $175M of crypto longs
As crypto exchange Binance and the departure of CEO Changpeng “CZ” made headlines over the past 24 hours, the digital asset space has gone into rollercoaster mode, with the market seeing nearly $175 million in traders betting on long positions.
In the year On November 21, developments in Binance and CZ's case with the US Department of Justice (DOJ) announced that CZ would plead guilty to violating anti-money laundering laws and step down as CEO of Binance. Additionally, the DOJ announced a $4.3 billion settlement with Binance, and the exchange appointed a new CEO.
Today I step down as the CEO of Binance. It wasn't easy to let go emotionally. But I know it's the right thing to do. I made a mistake, and I have to take responsibility. This is great for the community, Binance and myself.
Binance is no longer a baby. is it…
— CZ Binance (@cz_binance) November 21, 2023
Events at Binance – one of the largest crypto exchanges in the world – have an impact on the markets. According to Crypto Derivatives Data Platform CoinGlass, $175 million worth of crypto longs were released in the last 24 hours. On the other hand, $51 million was cleared by short positions.
In the last 24 hours, the market has shed more than $226 million in crypto assets. According to the data platform, 92,742 traders were canceled within the time limit. The most significant order occurred on crypto exchange Bybit's BTC/USD pair, with a liquidation of around $2.35 million.
Related: Binance's $3.9B USDT Activity Gets Community Attention Amid DOJ Settlement Claims
In addition to liquidity, the news may affect the flow of crypto assets in the Binance exchange. According to data aggregator Defillama, the flow of Binance currency assets has decreased by more than $1 billion in the last 24 hours. Market activity shows that some traders have temporarily stopped investing in the currency.
On November 21, Binance's BNB (BNB) token rallied against the general market sentiment of the day. However, the rally was short-lived when news of the DOJ settlement broke. BNB hit a five-month high of $271.90 before falling to $237 at the time of writing.
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