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Elon Musk has given a strong reaction to the CEO of Binance over the Dogecoin malfunction. As the value of Dogecoin has soared since he remarked about it earlier this year, setting off a chain reaction. The cryptocurrency market has seen significant fluctuations, typically in reaction to tweets from Elon Musk.
Elon Musk Chastises the CEO of Binance over the Dogecoin glitch
Twitter user Elon Musk slammed Binance CEO Changpeng Zhao's decision to ban dogecoin cryptocurrency withdrawals, a meme-based digital currency popular among young people.
This year, the cryptocurrency market has experienced dramatic shifts in reaction to tweets from Tesla CEO Elon Musk. He has driven a stratospheric rise in dogecoin's value this year with his statements.
There has been a delay in withdrawals for the last week since Binance is rebuilding its dogecoin wallet entirely. Binance, a major cryptocurrency exchange in terms of trading volume, has reportedly come under regulatory investigation.
Volatility of cryptocurrencies
Investors are rushing to benefit from the volatility of the price of cryptocurrencies. Despite the wrath of authorities across the globe, the action continues to happen.
Authorities throughout the globe are concerned that the rise of privately managed currencies would erode government control of the financial and monetary systems, posing systemic concerns, encouraging financial crime, and harming investors.