The co-founder of the largest memecoin Dogecoin (DOGE), Billy Markus or better known as Shibetoshi Nakamoto thinks that the crypto market will experience a drastic fall if the companies Binance or Tether face sudden destruction.
The string, Nakamoto has advised most individuals to do research first before investing a sum of money in a digital asset.
In fact, the former Chief Executive Officer (CEO) of Twitter Jack Dorsey also agreed with Nakamoto's opinion, stating that the collapse of the two companies has the potential to have a negative impact on the crypto market.
This can be explained by taking the example of the FTX issue which is still mentioned by many people following the failure of the crypto exchange company to recover from the problems it suffered and has resulted in the crypto market plummeting as investors rushed to sell its asset holdings.
Despite this, the main cryptocurrency Bitcoin (BTC) is still able to grow and maintain its performance around the world despite the ever-volatile market conditions.
The following situation occurs as a result of countries such as El Salvador or the Central African republic seeing BTC as legal tender in their economy while investors believe that the digital asset is a hedge against inflation.
In the meantime, Binance is increasing the value of its Secure Asset Fund for Users (SAFU) to $1 billion and stabilizing its balance sheet so that customers do not receive losses if the company experiences an emergency.
Not only that, the company also introduced an industry recovery fund to support any project that is likely to experience problems in the future.
