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On November 21, The Block published an article wherein it said that Binance’s Shanghai office had been raided by the police and shut down. The article did not include the source of the information, or any conclusive proof that the event had happened. Binance responded by saying that they had “no fixed office in Shanghai”. The crypto market crashed following the news and the top coins tumbled down in double digits. Now, Binance CEO Changpeng Zhao is looking at teaching The Block a lesson for their FUD-creating article.

Apology Not Accepted Because There Was None

Apparently, CZ was expecting The Block to apologize for their FUD-creating article. However, The Block did not apologize, but simply said that it was going to stand by its sources and its report of the Binance Shanghai office having shut down. However, in the statement, it missed mentioning anything about the police raid.

Also, the Block published another detailed article in which it shared information about the addresses of Binance’s Shanghai offices, thereby refuting CZ’s claims of  “no office”. It also revealed information about how it had verified that one of the offices was operational until very recently.

But, as far as the police raid is concerned, it could not prove that it had actually happened. All it managed to say was –

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 Following our initial reporting, another source corroborated that officials had visited one of the offices prior to the shutdown.

Thus, the The Block could not prove conclusively that a police raid had actually happened. It also updated its previous story and headline “to reflect the ambiguity”. The new headline reads –

Binance’s Shanghai office shut down following visit by authorities, sources say

Misha Lederman, a crypto consultant also shared that Frank Chaparro, the News Director at The Block will address their usage of the language ‘police raid’” in Binance Shanghai office story. 

Also, Mike Dudas, the CEO of Block Crypto responded on CZ’s tweet that The Block stands behind its reporting.

mike dudas
Source: Twitter

However, Binance received no apology from The Block for the FUD their article had article.

Now, CZ is planning to teach The Block a lesson. He will be suing The Block.

Binance
Source: Twitter 

The story has already outraged among the crypto community and people have lashed out against The Block. The news platform’s reputation has suffered because of the public reaction, and the lawsuit, if it happens, will only add worsen things for The Block. It remains to be be seen if Binance already has or will file a lawsuit against The Block and on what grounds, and how The Block reacts to it.

Summary

Binance vs The Block - CZ Set to Teach The Block a Lesson For Their FUD-Creating Article

Article Name

Binance vs The Block – CZ Set to Teach The Block a Lesson For Their FUD-Creating Article

Description

On November 21, The Block published an article wherein it said that Binance’s Shanghai office had been raided by the police and shut down. The article did not include the source of the information, or any conclusive proof that the event had happened. Binance responded by saying that they had “no fixed office in Shanghai”. The crypto market crashed following the news and the top coins tumbled down in double digits. Now, Binance CEO Changpeng Zhao is looking at teaching The Block a lesson for their FUD-creating article. 

Author

Vinnie Singh

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CoinGape

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cryptocoach

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Vinnie Singh , 2019-11-23 11:56:31 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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