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Bitcoin Reclaims $43K as Binance Coin Spikes 8% (Market Watch)

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Bitcoin continues with its recovery by jumping to $43,000. After a new addition on Binance Launchpad, BNB has surged by 8%.

Bitcoin has reacted well to the latest price drop below $41,000 and quickly spiked above $43,000. Most alternative coins continue with indecisive moves, with Binance Coin being today’s exception. BNB has increased by more than 8% to above $370.

Bitcoin Reclaims $43K

The enhanced volatility that bitcoin faced in the past several days continued yesterday as well. CryptoPotato reported when the cryptocurrency fell below $41,000 for the second time in just a few days, but the bulls drove it upwards by a few thousand dollars almost immediately.

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However, the pain wasn’t over yet as another price drop transpired, which pushed it down to a new low of $40,800 (on Bitstamp). The situation changed somewhat rapidly again, and this time BTC went higher.

In just a matter of hours, bitcoin added roughly $3,000 of value and tapped an intraday high of $43,800. As of now, though, it has retraced by several hundred dollars and stands around $43,000.

As a result, bitcoin’s market capitalization has risen above $800 billion, while the dominance over the alternative coins has increased to just under 43%.

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BTCUSD. Source: TradingView

BNB Sees an 8% Increase

Most alternative coins have failed to produce any significant gains in the past few days. Ethereum has been one of the biggest losers as it had dropped from above $3,100 to $2,900, where it stood for a while. In the past 24 hours, ETH went on a run and surged above $3,000, but as of now has retraced below that level once more.

Cardano continues to decline in value with another 2% dip. As a result, ADA stands beneath $2.1. Ripple, Solana, Polkadot, Dogecoin, Avalanche, and Terra have remained relatively calm since yesterday.

Binance Coin has outperformed all larger-cap alts with an 8% increase. Consequently, BNB has reached a multi-day high above $370. This comes just hours after the leading crypto exchange announced the latest project to go live on its Binance Launchpad.

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Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

OMG Network is the only double-digit gainer in the past 24 hours with a 13% increase, followed by LEO with a 9% surge.

Nevertheless, the crypto market cap has added around $40 billion and currently stands above $1.9 trillion.

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See how much Changpeng Zhao, Binance CEO, is worth

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  • Binance CEO reportedly worth $90 bn.
  • Forbes however, says Zhao is worth $1.9 bn.
  • Zhao to give all his wealth to charity.

Recently, Binance exchange CEO CHangpeng Zhao was announced the richest man in Ethnic China, with a value of around $90 billion. He is valued at hundreds of billions in USD, along with his exchange firm, Binance.

China Caijing magazine recently also published that Changpeng Zhao is among the top ten richest people globally, making him richer than the founders of Tiktok and Recent.

Most of his wealth is said to come from his 30 percent stake in Binance exchange which is disputed by Chinese Journalist Colin Wu, who alleges that Changpeng Zhao allegedly owns over 90 percent stake in Binance, which makes him the richest man on earth.

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However, per data on Forbes, Changpeng Zhao is worth $1.9bn, making him the 22nd richest person in Singapore, where he is temporarily based and 1,664th richest person on earth.

Charity: Changpeng Zhao reveals where all his wealth is going to

Weeks back, Zhao revealed that he owns a certain amount of Bitcoin and a large amount of Binance’s native token, Binance coin (BNB). Changpeng Zhao recently spoke with the Associated Press, sharing that most of his wealth comes from his crypto portfolio and his stake in his crypto exchange, noting that he is a “decent-sized shareholder in Binance.”

During the interview, Zhao said that he is determined to donate most of his wealth, claiming that he does not need much given his simple lifestyle.

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“I bought some Bitcoins in 2014. I spent a little bit of it over time, but I held onto most of it. I did not sell. The other asset I hold, which is the majority of my net worth, is BNB (Binance coin). Personally, I don’t hold any other coins. I am a decent-sized shareholder in Binance…I do intend to give away most of my wealth like many wealthy entrepreneurs or founders did from Rockefeller until today. I do intend to give away 90, 95, or 99% of my wealth,” he said.

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Chinese Magazine Estimates Binance CEO’s Net Worth, Here’s the Catch

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The world’s largest crypto exchange, Binance is valued at hundreds of billions in USD, along with the its CEO, Changpeng Zhao, who was recently announced as the richest man in Ethnic China, valuing him at $90 billion. According to statistics published by the China Caijing magazine, CZ is among the top ten richest people in the world, surpassing the founders of Tiktok and Tecent, along with being the richest man in Ethnic China.

However, there lays an exceptionally expensive twist in the narrative, as CZ’s worth of $90 billion is based on his 30 percent stake in Binance. Although, according to a prominent Chinese insider, along with Chinese Journalist, Colin Wu, CZ allegedly owns over 90 percent stake in Binance, potentially making him the richest man in the world.

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Binance CEO Plans to Donate up to 99% of his wealth

Earlier this month, CZ had revealed his crypto portfolio, noting that he owns a generous amount of Bitcoin and a considerable portion of Binance’s native token,  Binance coin (BNB). Changpeng Zhao recently spoke with the Associated Press, sharing that most of his wealth comes from his crypto portfolio and his stake in his crypto exchange, noting that he is a “decent-sized shareholder in Binance”. Nevertheless, nobody saw hundreds of billions worth in USD to be CZ’s worth until the recent reveal. Furthermore, Binance CEO is determined to donate most of his wealth, claiming that he does not need much given his simple lifestyle.

“I bought some Bitcoins in 2014. I spent a little bit of it over time, but I held onto most of it. I did not sell. The other asset I hold, which is the majority of my net worth, is BNB (Binance coin). Personally, I don’t hold any other coins. I am a decent-sized shareholder in Binance…I do intend to give away most of my wealth, like many wealthy entrepreneurs or founders did from Rockefeller until today. I do intend to give away 90, 95, or 99% of my wealth.”

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Binance resumes DOGE withdrawals days after Elon Musk’s comments

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Binance, one of the world’s largest cryptocurrency exchanges by daily trading volumes, has resumed Dogecoin (DOGE) withdrawals following a system glitch caused by the DOGE wallet upgrade.

The exchange officially announced on Monday that it had restarted DOGE withdrawals after experiencing a major issue where Binance users were unable to withdraw Dogecoin for 17 days.

Additionally, 1,634 users on Binance were sent old transactions due to a conflict of several DOGE wallet versions. This happened due to a “combination of unlikely factors” and ultimately affected only Binance. The exchange wrote:

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“In short, if 1) your platform had listed DOGE all the way back in 2019, at v1.14.0 2) had transactions stuck in the wallet 3) had upgraded the wallet to v1.14.2 4) AND then updated to v1.14.5 — you can have an issue.”

“Unfortunately for Binance, we had inadvertently threaded the needle with all of the above parameters, which led to the coins being re-sent and requiring a new wallet needed to be built,” the announcement reads.

Binance emphasized that “no single entity was at fault” as neither Binance nor the DOGE Network had prior knowledge of the issue.

The fix came after Tesla CEO Elon Musk brought up the issue on Twitter on Tuesday, arguing that Binance’s DOGE withdrawals problem was “shady.” Binance CEO Changpeng Zhao stated right away that the problem was related to the latest DOGE wallet upgrade.

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Dogecoin is a meme-based cryptocurrency that has been increasingly popular since Musk started actively promoting DOGE on Twitter in 2020. At the time of writing, DOGE is the 10th-largest cryptocurrency with a market capitalization of $27 billion. The price of DOGE has tumbled recently, with Dogecoin dropping more than 22% over the past 14 days, according to CoinGecko.

Dogecoin 30-day price chart. Source: CoinGecko

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