According to the Wall Street Journal, Zhao stated that he would be willing to step down as the CEO of Binance in order to resolve the company’s regulatory problems.
Meanwhile, there has been plenty of speculation that bitcoin’s big rise may have been due to a pump-and-dump scheme. One theory that the U.S. Justice Department is reportedly looking into is that the digital coin Tether (which is supposedly pegged to the U.S. dollar to make for a less volatile cryptocurrency) was used to manipulate the bitcoin market and cause a large run-up in price. This theory stems from an academic paper, which cast Tether in a very damning light. And it also led many to believe that the initial bitcoin craze was manufactured and destined to bust.

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"Nevertheless, with central banks likely to begin raising rates and tapering its stimulus package, investors are looking for a store of value that is perhaps less susceptible to these changes.