Chaopeng Zhao (CZ) encourages crypto traders and investors to put their emotions on check, as fear grips the market. Today, the price of Bitcoin slipped way below $30, 000 for the first time since July 2021. But Binance’s CEO CZ, appears unmoved by the most current crypto market dip.
CZ Asks investors to not panic
In a recent tweet this morning, CZ tried to mitigate the extreme panic in the crypto world, by saying that the drop would mean so little in the next couple of years.
He pointed out that Bitcoin has endured several major crashes in the past. He implied that anyone who could not control their level of concern might want to lower their positions, since they cannot handle this much of a risk.
He’s quoted saying;
“….If you panic during a dip, you probably over invested. Try reduce your investment size by 2x or 10x. You will be in a much better position to control your emotions. Only increase your position when you can handle your emotions.”
Another market player by the name of Income Sharks, shared sentiments with CZ, stating how promising the daily bands looked in the market, less than an hour after. Income Sharks went on to express its expectation for a rise in the market average:
“…We will most likely test the 20 MA line so we still have some nice upside to the $34,000 range. Plus the nice CME gap…”
Crypto market faces doom
In the last 24 hours, there has been a total of $1 billion liquidations from about 287, 061 traders. Bitcoin, Eethereum and Luna lead in liquidations with $355 million, $326 Million and $100 Million respectively.
Just a few hours after, the market’s capitulation has surpassed the resistance of the crypto market crash. In a matter of hours, Bitcoin broke a massive record, by bouncing from $29,000 to $32,000.
Without a doubt, these numbers show a favorable dynamic towards the market’s gradual recovery.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.