The CEO of Binance, Changpeng Zhao, seems unfazed by the recent cryptocurrency market decline. In a recent tweet, CZ tried to calm investors’ concerns by saying that the decline would be little more than a blip on the radar in a few years.
The world’s richest cryptocurrency magnate, whose estimated net worth is $17.7 billion, said that Bitcoin has already seen a number of significant crashes.
CZ also advised investors to control their emotions. Those who feel panic should rethink their careers if they cannot tolerate excessive risk.
Earlier afternoon, Bitcoin’s price went below $30,000 for the first time since July 2021. The massive selloff was spurred by the demise of Terra, one of the hottest blockchain businesses. As its flagship UST stablecoin lost its peg and went below $0.70, the LUNA token sank by more than 60 percent.
This was the largest one-day decline for any major cryptocurrency project since XRP in December 2020, when the SEC lawsuit caused its value to plummet by more than half.
After Binance prohibited withdrawals and Luna Foundation Guard (LFG) spent all of its Bitcoin holdings, the stablecoin climbed back over the $0.9 threshold. However, these unconventional strategies failed to restore UST to $1, with many claiming that the biggest decentralized stablecoin was a catastrophic failure. Due to extreme volatility, the daily trading volume of Tether (UST) has surpassed $125 billion.
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