BlockFi CEO: Market volatility on March 12 stems from shortage of US dollar lending platform, forcing miners and other institutions to sell bitcoin

Zac Prince, founder and CEO of cryptocurrency lending platform BlockFi, stated in the first event of “Crypto Tonight” that he believes that the crypto market crash on March 12 was mainly due to the flow to Matrixport, PayPal Finance and Renren As a result of the disruption of cash flow from platforms such as Bitcoin and USD stablecoin lending to Chinese miners and exchanges. He said that the disruption had lasted for several weeks before it was finally exposed in the panic of global financial markets. According to Zac Prince, hundreds of millions of dollars of stablecoin loans have been flowing into China steadily since 2019. “The shortage of stablecoins on the Chinese loan platform has forced many companies, including miners, to start at the time they wanted. I sold bitcoin earlier. Especially do n’t forget that bitcoin halving will happen in May. You do n’t want to sell bitcoin now. In the end, this sell-off has intensified, and some lending platforms and exchanges have entered into the settlement mode. Some borrowers caused damage. “” Crypto Tonight “is a talk show jointly launched by Winkrypto, Lianwen, and Yama. In the first event, six guests were invited to review the” black “that the cryptocurrency market plummeted on March 12. Swan Day. “