Changpeng Zhao, founder and CEO of crypto exchange Binance, reacted to the loss of investment of BTC holders and others after Bitcoin (BTC) fell below $19,000 on Saturday. Here are the details…
Binance CEO talks about his past with Bitcoin
Bitcoin’s value has dropped 11.90% in the last 24 hours and traded at $18,092, the lowest level in the last two years. This sent a shock wave in the cryptocurrency market as Bitcoin holders voiced fears of possible loss of investment. As a result, Bitcoin holders have withdrawn their investments, reducing the market value of BTC from $390.39 billion to $345.03 billion on Friday. So 43.35 billion dollars was lost. In a post on Twitter on Saturday, Zhao said he has been through three bearish markets and expects the bulls to return.
He explained how the value of his Bitcoin investment fell 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 low. ATH $20,000 in 2017, then a low of $3k for a year. In 2021, the ATH is $68k, the lowest is $20,000. I’m not very good at technical analysis. But do you see a trend?”
Changpeng Zhao said that he bought Bitcoin for an average of $600 in 2014. He then stated that it decreased to $200. “The rest is already known,” he concluded.
Changpeng Zhao touched on market trends
Changpeng Zhao has talked about trends in the cryptocurrency space over the years. Zhao pointed out that in 2013 it was mostly Bitcoin, in 2017 the emergence of ICOs, Ethereum, the ERC20 network and BNB. In 2021, he talked about trends like decentralized finance, NFTs, licenses, 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 fell below $20 in 2011, $200 in 2015, $2,000 in 2017, and $20,000 in 2022.
The market is falling
As we reported on Kriptokoin.com , Bitcoin continued to fall today after breaking $ 20,000 on Saturday. It slumped below $19,000 amid a wider market pullback. Bitcoin was currently trading at $18,426.46 on Coinbase. ETH, the native cryptocurrency of the Ethereum network and the second largest by market cap, is trading at $965.03.
Market developments come amid multiple crises in the crypto space. Celsius, a major crypto lending company, stopped withdrawals and transfers last week. It has since remained silent about future steps. Crypto hedge fund Three Arrows Capital has faced bankruptcy after seeing its positions being liquidated by multiple counterparties in the market.
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