Binance CEO, Changpeng Zhao is optimistic about the latest cryptocurrency market crash. Changpeng Zhao in a tweet also tried to ease anxiety of its investors by saying that this dip is totally insignificant, it will be forgotten as soon as it is over.
Binance CEO Changpeng Zhao, world’s wealthiest cryptocurrency tycoon, with a net worth of $17.7 billion, recalls and highlights that this is not a new event, like this before Bitcoin has endured numerous such big collapses.
Changpeng Zhao, Binance CEO warning
Changpeng Zhao also advised investors to keep their spirits up. He also warned that those who experience panic and are unable to take too much risk in such a situation of market drop should reconsider their positions.
The fall of Terra, one of the trendiest blockchain startups, fueled the enormous selloff. The LUNA token dropped by more than 60% as its flagship UST stablecoin slipped its peg and fell below $0.70.
Bitcoin fell below $30,000
Bitcoin’s price fell below $30,000 earlier today for the first time since July 2021. This was the greatest one-day decline for any major cryptocurrency project since XRP. XRP dropped more than half its value in December 2020 due to the SEC lawsuit.
The stablecoin managed to climb back well above $0.9 level after Binance halted withdrawals and Luna Foundation Guard (LFG) activated all of its Bitcoin holdings. These unusual efforts did not prove to work in pushing UST to $1. People concluded that the largest decentralised stablecoin was a huge failure.
Tether (UST) has topped $125 billion in daily trading volume, due to severe volatility.
