Changpeng Zhao, founder and CEO of cryptocurrency exchange Binance, reacted to the investment loss of BTC holders and others after Bitcoin (BTC) dipped below $ 19,000 on Saturday. Here are the details…
Binance CEO talks about his past with Bitcoin
Bitcoin’s value fell 11.90% in the past 24 hours. It was trading at $ 18,092, the lowest level in the past two years. This prompted Bitcoin holders to express their fears of a possible investment loss. Therefore, it sent a shockwave into the cryptocurrency market. As a result, Bitcoin holders withdrew their investments. He then reduced BTC’s market cap from $ 390.39 billion to $ 345.03 billion on Friday. Thus 43.35 billion dollars were lost. In a Twitter post on Saturday, Zhao said he had crossed three bear markets and expected the bulls to return.
He explained how the value of his Bitcoin investment dropped from $ 20,000 to $ 3,000 in 2017, as follows:
I do not know. This is my 3rd cycle. 2013 all-time high (ATH) of $ 1,000. Then the $ 200 minimum. ATH $ 20,000 in 2017, so a $ 3k minimum for a year. In 2021, the ATH is $ 68k, the minimum is $ 20,000. I’m not very good at technical analysis. But do you see a trend? “
Changpeng Zhao said he bought Bitcoin for an average of $ 600 in 2014. He later claimed it dropped to $ 200. “The rest is already known,” he concluded.
Changpeng Zhao touched the market trends
Changpeng Zhao talked about trends in the cryptocurrency space over the years. Zhao stated in 2013 that it was mostly Bitcoin. You have noticed the emergence of ICO, Ethereum, the ERC20 network and BNB in 2017. In 2021 you have talked about trends such as decentralized finance, NFT, licensing, fan tokens, payments, GameFi, metaverse.
Changpeng Zhao also shared a tweet with news headlines showing BTC’s decline since 2011. The tweet included news headlines when Bitcoin dropped below $ 20 in 2011, $ 200 in 2015, $ 2,000 in 2017 and $ 20,000 in 2022.
The market is falling
cryptocurrency.com As reported, Bitcoin continued to decline today after peaking above $ 20,000 on Saturday. It plummeted below $ 19,000 due to a broader market retreat. Bitcoin is currently trading at $ 18,426.46 on Coinbase. ETH, the native cryptocurrency of the Ethereum network and the second largest by market capitalization, is trading at $ 965.03.
Market developments come amid multiple crises in the crypto space. Celsius, a leading cryptocurrency lending company, halted withdrawals and transfers last week. He has remained silent about future steps ever since. Cryptocurrency hedge fund Three Arrows Capital risked bankruptcy after seeing its positions being liquidated by multiple counterparties in the market.
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