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.
Many people seems to think BTC price was flat before this year, as they appear to be on the graph. To the old timers, it's the same pattern every year. Just the units on the left is different. pic.twitter.com/mwu8U3jn0J
— CZ Binance (@cz_binance) June 10, 2018
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.
Another good VC friend of mine just said "my industry is completely disrupted, money is no longer the bargaining chip, we are moving into crypto." I said what I always say, "welcome".
— CZ Binance (@cz_binance) June 8, 2018
Many well-known cryptocurrency personalities such as John McAfee have reminded the public not to panic.
Do not panic about the drop in Bitcoin's price. It is an overreaction to the news that Bitstamp, Coinbase, itBit and Kraken are being investigated for price manipulation. This will delay the bull market by no more than 30 days. Don't buy into the fear. Buy the coins.
— John McAfee (@officialmcafee) June 10, 2018
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”