Bitcoin (BTC) price bounces as CZ addresses Interpol and stops FUD

After reports that Interpol was looking for the CEO of Binance “CZ”, Bitcoin (BTC) saw yet another volatile wild ride. The coin experienced new monthly lows overnight on April 4 as the markets were shaken by recent reports regarding the Binance exchange. By the time of publication, Bitcoin had recovered to $28,262.59, only a 0.17% increase over the previous day on CoinMarketCap.
Some altcoins are still in the red on a daily, while the majority of the top ten altcoins do not considerably increase or drop throughout the period. Dogecoin briefly surpassed $0.1 earlier today on another Elon Musk-driven spike. Shiba Inu (SHIB) has also increased by more than 6% over the last day.

What happened?

An image displaying Binance CEO Changpeng Zhao (CZ) on the red notice web page of Interpol was being circulated on Twitter. This provides the impression that the leading cryptocurrency company is facing serious legal issues.

A “Red Notice” is a request to law enforcement agencies around the world to find and temporarily detain a person pending extradition, surrender, or equivalent legal action.

Cobie, a crypto influencer, is credited with sparking the speculation when she tweeted a SHA256 hash with the encrypted message “Interpol Red Notice for CZ.”

The influencer claims that the note was nothing more than a rumor and an improbable forecast and that nobody should have ever been able to read it.

Since the start of the rumor, the firm’s crypto market share has plummeted as much as 16%, according to recent discoveries.

The issue looks to have become worse following the CFTC accusations on March 27, which cut its market share below 60%.

CZ responds to the “FUDs”

However, in response to the charges, CZ maintains that the picture has been photoshopped. To back up this statement, he claims that it is clearly impossible to be confidential information because there must be leaks within Interpol, which is highly unlikely.

He insisted that the most recent “FUD” (Fear, Uncertainty, and Doubt) was sponsored and planted by another exchange and disseminated by crypto news outlets. He pointed out that both the industry and the people doing the spreading suffer from this conduct.

The latest Fud was only spread by crypto news outlets and KOLs, likely planted/sponsored by another exchange. Very petty. Hurts the industry and hurts themselves. There are enough external forces attacking us. Our industry needs to unite at this juncture.

— CZ Binance (@cz_binance) April 4, 2023

CZ emphasized the importance of solidarity within the cryptocurrency industry and urged everyone to work together to combat these external forces. Community members also expressed their confidence that the industry will overcome these challenges and continue to grow and innovate.

“There are enough external forces attacking us,” CZ noted. “Our industry needs to unite at this juncture.”