• Metacade, a Web3 project, has been a source of positive sentiment in the crypto market, with its MCADE presale attracting seven figures worth of funding and selling out the beta phase in just three weeks.
• Investors fear that Binance exchange may not last through the bear market, as there is inconsistency in their proof-of-reserves audit report. Changpeng Zhao’s reluctance to hire a top four auditing firm to reveal liabilities has further caused fear, uncertainty, and doubt (FUD).
• BNB is the cryptocurrency of the Binance exchange, and its price action has been affected by the FUD surrounding the exchange.

Metacade has been a much-needed source of optimism in the cryptocurrency market amidst the bear market of late 2022. The MCADE presale attracted seven figures worth of funding and sold out the beta phase in just three weeks. This success has encouraged investors to look ahead to the future of Web3 and the potential of blockchain technology.

However, despite this positive sentiment, investors are still concerned about the future of Binance exchange. After the collapse of FTX in November, Binance conducted a proof-of-reserves audit to show that digital assets fully backed user funds. However, there was a key inconsistency in the report; Binance’s BTC liabilities were $245 million bigger than their BTC reserves. This means that if a bank run were to occur, Binance may be forced to pause withdrawals and sell other assets, which could have a major effect on the entire crypto market.

The reluctance of Binance CEO Changpeng Zhao to hire a top four auditing firm to reveal liabilities has only furthered the fear, uncertainty, and doubt (FUD) surrounding Binance. This has had an effect on the price of BNB, the cryptocurrency of the Binance exchange. Many investors are worried that the exchange could be the next to collapse, and thus have been selling off BNB.

However, there are still those who are optimistic about the long-term future of Web3, and Metacade’s success is a sign of this. The MCADE presale has encouraged investors to look forward once again, and this optimism could be the key to a brighter future in the crypto market.