Binance CEO CZ has been making headlines with his recent comments on the fluctuating gas prices on the Bitcoin network and the ongoing FUD (fear, uncertainty, and doubt) about BTC withdrawal issues. In a tweet, CZ acknowledged that gas prices on the Bitcoin network have been fluctuating, causing transactions to get stuck and fees to increase. He also noted that these are “bull market issues,” and reminded investors that the network is still faster and cheaper than fiat.
CZ’s comments come at a time when the crypto market has been extremely volatile, with Bitcoin experiencing significant resistance over the weekend. The sudden drop in the price of Bitcoin triggered a market-wide selling in other altcoins, with Ethereum’s price also falling. Despite the recent market slump, many experts remain bullish about the long-term prospects of Bitcoin and other cryptocurrencies.
In addition to commenting on gas prices, CZ also addressed the ongoing FUD about BTC withdrawal issues. He explained that the Bitcoin network fees have been fluctuating 18x in a month, and reminded investors that Binance had experienced large Bitcoin outflows due to movements between hot and cold wallets.
Cryptoquant head of research: The outflow reports are FUD
In a tweet dated May 8, Julio Moreno, the head of research at CryptoQuant, commented on the reports that individuals are remarking on massive Bitcoin outflows from Binance. On Sunday, Binance was used to send Bitcoin to other wallets in the form of transactions such as 17,000 and 40,000 BTC.
On the other hand, according to Julio, these Bitcoins were delivered to a brand-new wallet address that was also generated by Binance. This address really belongs to the cryptocurrency exchange Binance. The actual outflows are probably at around 10,000 BTC, which is a far smaller amount than the outflow figures displayed on CryptoQuant for Binance.
