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The CEO of cryptocurrency exchange Binance has vowed to sue industry media outlet The Block over alleged false reporting.

In an ongoing Twitter exchange on Nov. 22, Changpeng Zhao, known as CZ in crypto circles, promised to take legal action over an article that claimed Binance’s Shanghai office was receiving attention from Chinese police.

CZ to The Block: “Own up and apologize”

“We will be suing them,” he wrote in one tweet.

The offending piece originally surfaced on Friday and was part of multiple reports of a fresh crypto clampdown by China. At the same time, Bitcoin (BTC) slid to below $7,000.

The Block initially made its claims under the headline “Binance’s Shanghai office shut down following visit by authorities, sources say.”

After a wide backlash over the factual accuracy of the article, during which CZ demanded the publication “apologize” but ruled out court action, The Block released a follow-up piece defending its stance.

This appeared to inflame tensions further, leading CZ to change his mind on the issue, which he originally said would be “a bit too much trouble for now.”

He wrote:

“Instead of apologizing to the community for the fake headline news of the non-existent ‘police raid’, which damaged our reputation, and $btc price, theBlock now tries to argue if there was an office, if CZ had a meeting… who cares? Own up & apologize for your mistake.”

Nonexistent raids on nonexistent offices?

Specifically, CZ took The Block to task over its claims Binance encountered a police raid, and that it even had a Shanghai office at all. The latter issue remains unclear, the publication citing “witnesses” and previous media coverage, which CZ rejected.

Staff nonetheless changed the headline of the original article to remove reference to a “police raid,” instead claiming Binance received a “visit from authorities.” The URL of the article, which is still online, remains in its original form, including the “police raid” phrase.

During the Twitter storm, responses suggested The Block implicated Binance in a crackdown by Chinese authorities in Shenzhen, but that this was erroneous.

“Raided Chinese Exchanges are based in Shenzhen who explicitly dealt with CHINESE customers & involved ponzies. Binance and Bithumb were NOT raided,” content creator Boxmining countered.

Pressure over $1M+ ‘FUD fighting fund’

By press time on Saturday, The Block’s cofounder Mike Dudas had joined in the quarrel with CZ after the latter suggested creating a dedicated fund to combat the practice of spreading so-called “fear, uncertainty and doubt,” or “FUD.”

On Twitter, CZ had seen interest from Justin Sun, CEO of blockchain platform Tron (TRX), and matched his pledge to donate 100 BTC ($716,000) to the fund. For Dudas, this was an attempt at stifling press freedom.

“Two of the wealthiest men in cryptocurrency plan to raise a ‘FUD fighting fund’ worth more than $1 million, presumably to wield as an implicit threat against journalists who report facts that run contrary to their business interests,” he wrote.

Cointelegraph has reached out to Binance for comment but had not received a response by press time.

Cointelegraph By William Suberg , 2019-11-23 13:12:00 ,

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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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