Binance CEO CZ said on Twitter today that he was “sorry” for investors who sold early. CZ is implying that the current levels are the bottom with his statements.
- 1 Binance CEO: I feel sorry for the bottom sellers
- 2 Institutional interest in the cryptocurrency market is growing
- 3 Share this:
Changpeng Zhao tweeted today that he felt sorry for the sellers when the crypto market hit rock bottom. The billionaire CEO’s tweet came after investment manager Blackrock announced that he would be securing Bitcoin products.
I feel sad for those who sold at bottom.
— CZ 🔶 Binance (@cz_binance) August 11, 2022
The cryptocurrency market has been in the so-called “crypto winter” since the beginning of the year. During the process, excessive volatility wiped billions from the market. The market cap, which exceeded $3 trillion just a year ago, is now trying to hold $1 trillion. However, signs of a gradual recovery are emerging that suggest the worst may be over.
Institutional interest in the cryptocurrency market is growing
After months of volatility and institutional collapses, the crypto market is recovering, albeit at a slow pace. Interest in the market is rising again with a series of acquisitions, partnerships and activities from institutional investors. In a recent statement, Blackrock revealed that its institutional clients are interested in the crypto market. As a result, the company has launched a special Bitcoin Trust product today that will allow them to invest in Bitcoin. According to the statement, the private Bitcoin Trust will only cater to US-based institutional clients.
The American multinational corporation is the world’s largest investment manager with an estimated $10 trillion in assets under management. Therefore, its increased activity in the market signals more investment inflows into crypto assets. This latest announcement comes days after the company reached an agreement with cryptocurrency exchange Coinbase to offer its customers crypto assets, specifically Bitcoin. However, it is surprising to see this sudden burst of interest, especially at a time when the crypto market is experiencing its worst.
Blackrock CEO Larry Fink dismissed the possibility of entering the crypto space, citing a lack of customer interest in the crypto space in an interview with CNBC in July 2021. According to the CEO, customers may be attracted to longer-term assets.
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