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Changpeng Zhao Net Worth is Up $16B in 2023 to $23B
Changpeng Zhao, the founder of Binance, is swimming in money as cryptocurrencies rebound. Data compiled by Bloomberg pegs his net worth at more than $23.9 billion, meaning he has added over $11 billion in value this year. This makes him the 63rd richest person on earth.
Changpeng Zhao net worth
Changpeng Zhao, popularly known as CZ, is one of the most popular figures in the crypto industry. He is best known for starting Binance, the biggest exchange in the world. At its peak, Binance had over 100 million customers around the world.
It is unclear how much Binance is valued itself since it is a privately-owned company. Coinbase, the second-biggest player in the industry, is valued at over $13.45 billion. At its peak, Binance was estimated to be worth over $200 billion. Coinbase had a peak market cap of more than $70 billion. According to DeFi Llama, Binance has over $72 billion worth of customer assets.
Changpeng Zhao’s net worth comes fom his ownership of Binance. He is also believed to own cryptocurrencies worth millions of dollars. For example, Binance was the creator of BNB Coin, which he definitely owns.
Further, Changpeng has invested in tens of companies in the private market. The company’s venture arm is estimated to have about $7.5 billion in assets. Some of the top investments are Woo Network, Aptos, League of Kingdoms, and Audius among others.
Difficult to estimate
Still, it is extremely difficult to estimate Changpeng Zhao’s net worth since Binance is a private company that does not publish its financials. Also, most of his net worth is highly illiquid, making it extremely difficult to move.
A good example of this is Sam Bankman-Fried (SBF), who was worth over $16 billion. As his empire collapsed, he had less than $100k in his bank accounts. Similarly, Elisabeth Holmes was estimated to be worth over $4.5 billion but he was left with nothing when his company fell.
Bitcoin price has been hovering above its highest level since June 2022 over the past few hours. The largest cryptocurrency by market cap has jumped by 28.30% in the past week, while its year-to-date price inches higher to 70.63%. Bitcoin’s total market cap has increased by 4.77% over the last 24 hours to $547.7 billion, while the total volume of the coin traded rose by 50%.
BTC Skyrockets
Bitcoin price was rallying on Monday as most altcoins slumped, led by the largest altcoin by market cap, Ethereum. The global crypto market cap has increased 2.49% over the last day to $1.18 trillion, while the total crypto market volume jumped 34.88%. Bitcoin’s dominance inched 0.98% over the past 24 hours to 46.34%, its highest level since June 2022.
The recent global banking crisis in which three major banks in the US were closed within days has pushed the BTC price higher. Silvergate Capital, Signature Bank, and Silicon Valley Bank recently disclosed operational difficulties, prompting regulators to shut them down.
Switzerland’s largest banking institution, UBS, announced on Sunday that it had entered a merger deal with its embattled rival Credit Suisse. UBS announced that it would buy its rival for $3.25 billion, with Swiss regulators playing a key role in the ideal. According to the Swiss National Bank, the merger will secure financial stability and protect the Swiss economy.
Bitcoin reacted positively to the news, cruising…
Solana price joined in on the recent rally in the global cryptocurrency market, jumping nearly 17% in the past week. Solana has made substantial gains this year, climbing 102% in its year-to-date price. SOL ranks as the 11th largest cryptocurrency after Binance USD and ahead of Polkadot. Despite the altcoin’s recent rally, the total volume of the coin traded has continued to dwindle.
Fundamentals
Solana price was trading slightly higher on Friday as Bitcoin and other altcoins extended their rally despite the bank contagion fears weighing on the markets. Bitcoin and Ethereum have been leading the recent rally in the market, jumping more than 30% and 20% in the past week, respectively.
Investors have welcomed the resilient crypto prices amid the recent crisis in the banking sector this week. The week started with the collapse of Signature Bank and Silicon Valley Bank on Sunday until the focus shifted to Credit Suisse and First Republic Bank. Traders have been digesting the fate of Credit Suisse even after the bank said that it would borrow up to 50 billion Swiss Francs from the Swiss National Bank.
Several analysts have linked the recent rally in the crypto market to lingering bank worries. Even so, crypto prices are heavily influenced by inflation and the Federal Reserve interest rate hikes. According to analysts, the recent decline in banking stocks points to the vulnerability of traditional institutions, raising liquidity concerns…
Bitcoin price has been on a 4-day consecutive rally, jumping more than 29% since Friday when Silicon Valley Bank collapsed. Despite the tough year so far, BTC has been among the best-performing cryptocurrencies, jumping 57% in the year to date. At the time of writing, Bitcoin was trading 7% higher at $25,820.
BTC is Outperforming
Bitcoin price has been rallying in its recent trading sessions despite the collapse of the Silicon Valley Bank last week on Friday. The coin’s recent rally has been largely boosted by the current bullish momentum in the markets. Bitcoin’s coin market cap has increased by more than 7% in the past 24 hours, while the total volume of the coin traded slipped 8%.
Data by Coinmarketcap shows that the global crypto market cap has increased further by 5.19% to $1.13 trillion, while the total crypto market volume has decreased by 15.96% over the same period. Bitcoin’s dominance has increased by 0.83% over the last day to 44.24%.
The rally in the crypto market has been intricately linked to the recent US Consumer Price Index (CPI) data. The Bureau of Labor Statistics (BLS) reported a 0.4% increase in inflation in February from January, matching consensus estimates by analysts.
The CPI reading declined to 6% year on year, down from 6.4% in January, in line with market expectations. The core CPI, which excludes volatile food and energy prices, came in at…
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