Here is what the founder of Binance had to say about the current drop in the crypto market!
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Answer Here is what the founder of Binance had to say about the current drop in the crypto market!
Mr. Changpeng Zhao, nicknamed “CZ”, is the CEO and founder of Binance, the world’s largest cryptocurrency exchange.
“CZ” recently expressed its position on the recent events in the crypto market, which is predominantly optimistic despite the massive collapse in prices.
Yesterday, CZ tweeted that the cryptocurrency market is growing despite the recent market crash.
Commenting on the price of Bitcoin dropping to the $20,000 level, the Binance founder said that during 2017, when the price of Bitcoin soared to $20,000, many people thought the price was insanely high.
Interestingly, Bitcoin is currently trading within its all-time high of 2017, but investors are commenting on the current Bitcoin price at $20,000 by saying it is painfully low.
The crypto industry is already growing.
Bitcoin’s 2017 high is 2022’s low:
It can be said that Bitcoin has come a long way since 2017.
The price of the world’s largest cryptocurrency has increased more than 200% since it reached $20,000 at the end of 2017.
The massive growth of Bitcoin at that time led to many investors entering the crypto market, which also boosted the asset class to new highs.
In November 2021, Bitcoin reached an all-time high of $69,000, and many are expecting Bitcoin to hit $100,000 soon.
Bitcoin crash:
Contrary to bullish expectations, bitcoin has been heavily affected by the recent market events that have sent the bitcoin price down from its high of $69,047 to $20,000.
Read:The largest online store in Switzerland announces the acceptance of cryptocurrencies
Events such as the Russo-Ukrainian war, the collapse of the Terra ecosystem, high inflation, and the Celsius Network Incident contributed to the downward trend of the cryptocurrency market.
At press time, Bitcoin is trading at $20,450, which is a 1.2% drop in the last 24 hours.
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