Binance CEO CZ continues to advise investors in the bear market, where prices have lost more than 60%. He recently said that new industries are shaped like this. Now, as she shares more of her experience with bear periods, she emphasizes that dips are normal…
- 1 Binance CEO ready to support Elon Musk’s effort to buy Twitter
- 2 Binance CEO says dips are normal: My 3rd bear market period
- 3 Terra became the catalyst for the bear market
- 4 Share this:
Binance CEO ready to support Elon Musk’s effort to buy Twitter
In his latest interview with Bloomberg, the CEO of the world’s largest cryptocurrency exchange evaluated Elon Musk’s Twitter move and the current bear market. One of the questions CZ was moderated was why he was still so committed to the Twitter deal. CZ noted that Elon Musk’s bid supporters are only following his lead and are ready to provide or withdraw necessary funds if Musk rejects the deal.
Elon Musk’s Twitter acquisition wasn’t the only issue discussed with Binance CEO. CZ was also asked about the latest behavior of the market, with the majority of cryptocurrencies losing from 15% to 30% of their value on average.
Zhao told the server that he was not surprised and that volatility has always been “normal” for the cryptocurrency market. In 2018, the cryptocurrency market lost almost 90% of its capitalization as the majority of assets evaporated from the market and were never seen again.
Binance CEO says dips are normal: My 3rd bear market period
CZ says dips are normal for all markets, not just cryptocurrencies. Netflix lost more than 70% of its value in the post-pandemic period. CZ, who finds this situation normal, states that his company is prepared for these waves. Part of the interview includes the following statements:
It’s not the first bear market my company and I have experienced. This is my 3rd bear market period. We had made our preparations. Advertising isn’t bad, but it’s very expensive during bull seasons. We were more focused on recruitment than advertising.
Terra became the catalyst for the bear market
In 2022, the DeFi sector was one of the biggest losers after facing billions of dollars in liquidation following the drop in liquidity in the lending and lending market. This year’s crypto market sales were driven by two back-to-back extremely negative events: Terra’s UST and LUNA disaster, and unexpectedly high inflation data that resulted in massive outflows of funds from risky assets like cryptocurrencies and stocks.
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