If you are wondering why crypto prices (including Hive's) tanked a couple of days ago, it's because CZ, founder and CEO of Binance, resigned.
He pleaded guilty on Tuesday to getting around US federal anti-money laundering regulations and "failure to register as a money transmitting business" with regards to Binance's US business. Binance incurs a $150 million fine, but it's unclear what CZ's sentence will be. Binance itself also agreed to plead guilty and pay $4.3 billion in fines to settle civil charges brought by the U.S. Department of the Treasury and the Department of Justice.
Binance can afford these fines. What is not clear is if they can function well without CZ's vision.
Binance has nearly 60% of the global crypto market. Which is too much. It's always a bad idea to get too dependant on one key organisation. Old hands will recall the bear market caused by the demise of MtGox, which had 95% of the crypto market at the time.
The good news is that Binance hasn't collapsed, it's just a little wounded. But now would be a good time for users to diversify where they do their crypto trading.