Bitcoin

Binance’s CEO Brushes Away the Bitcoin Price Drop Panic

Binance’s CEO Brushes Away the Bitcoin Price Drop Panic

The CEO of Binance, Changpeng Zhao popularly known in the crypto world as ‘CZ’ has calmed the worldwide panic of Bitcoin prices falling. He compared the whole alarm and movement to the crisis of Bitcoin in 2014.

Binance as of now is the world’s largest cryptocurrency exchange by means of trading volumes and Bitcoin is the world’s largest cryptocurrency by market capitalization. Thus when the two most prominent in the industry are relating to each other, it usually means serious business.

Hence Changpeng took to Twitter to post a graph and illustrating that the patterns of historical data of Bitcoin are similar each year.

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In the graph in the tweet, you can notice the number of corrections Bitcoin had from 2012 onwards. In fact, Bitcoin has even fallen much more than the current decline.

Bitcoin’s 2018 all-time high (ATH) was on January 7th, when it traded at $17,579 according to CoinMarketCap. With the statistics so far, currently, it has fallen by almost 60% of its value since the 7th of January.

CZ also tweeted about how many outside the cryptocurrency sphere are thanking him for the realization of cryptocurrencies.

Many well-known cryptocurrency personalities such as John McAfee have reminded the public not to panic.

With the experience of CZ and John McAfee, all hope is not lost, and it is just a correction in the Bitcoin market!

Image Source: “Flickr”

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Amrit Mirchandani,  A hustler, who believes there is a solution to every problem. A strong believer of Blockchain and a Cryptocurrency enthusiast!
Currently living in the Digital Hub of India, Pune and an extremely friendly and optimistic person. Born and raised in the beautiful island of Sri Lanka and have run businesses ranging from Agriculture to the Digital World. I have had crazy Experiences in Asian Busy towns like Mumbai and Kuala Lumpur to African nations such as Madagascar.