Bitcoin

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 Data aggregator DefiLlama showed that Binance’s crypto asset inflows in the last 24 hours have fallen by over $1 billion.
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 As <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchange Binance and the <a rel="noopener noreferrer nofollow" title="departure" href="https://thebittimes.com/tag/departure.html">departure</a> of its CEO Changpeng “CZ” Zhao hit the headlines in the last 24 hours, the digital asset space went into a rollercoaster mode that saw the market liquidate close to $175 million for traders betting on long positions.
 On Nov. 21, developments in Binance and CZ’s case with the U.S. Department of Justice saw CZ announce he would plead guilty to violating Anti-Money Laundering requirements and step down as the CEO of Binance. In addition, the U.S. Justice Department also announced a $4.3 billion settlement with Binance, and the exchange appointed a new CEO.
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 Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself. Binance is no longer a baby. It is…— CZ Binance (@cz_binance) November 21, 2023
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 Events at Binance, one of the largest <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchanges in the world, have repercussions on the markets. According to <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> derivatives data platform CoinGlass, $175 million worth of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="longs" href="https://thebittimes.com/tag/longs.html">longs</a> were liquidated in the last 24 hours. On the other hand, $51 million in short positions got purged.&nbsp;
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/22/84f3a2289645c9e93005e0ae0a3676e4.webp">
 <figcaption style="text-align: center;">Total liquidations in several time frames. Source: CoinGlass
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 In the last 24 hours, the market liquidated over $226 million in <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> assets. According to the data platform, 92,742 traders were liquidated within the time frame. The most significant order happened on <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchange Bybit’s BTC/USD pair, where around $2.35 million got liquidated.&nbsp;
 Related: Binance $3.9B USDT move gains community attention amid DOJ settlement claims
 Apart from liquidations, the news may have also affected the flow of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> assets in the Binance exchange. According to data aggregator DefiLlama, Binance exchange’s asset inflows in the last 24 hours have fallen by over $1 billion. The market movements show that some traders have stopped depositing their assets into the exchange for the time being.
 On Nov. 21, Binance’s token BNB (BNB) went on a rally, defying the overall market sentiment on the day. However, the rally was short-lived as news of the DoJ settlement went out. BNB broke into a five-month high of $271.9 before falling back to $234 the next day.
 Magazine: Take Bitcoin profits at $110K, CME tops Binance in BTC futures open interest: Hodler’s Digest
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cz-departure-binance-deal-lead-to-purge-of-175m-of-crypto-longs-tbt71179.html">https://thebittimes.com/cz-departure-binance-deal-lead-to-purge-of-175m-of-crypto-longs-tbt71179.html</a>

CZ departure, Binance deal lead to purge of $175M of crypto longs

TheBitTimes

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