Binance CEO CZ continues to advise investors in a bear market where prices have lost more than 60%. He said that this is how new sectors are shaped in the past days. Now, sharing more of his experience about bear periods, he emphasizes that dips are normal…
Binance CEO Elon Musk is ready to support Twitter acquisition effort
In his latest interview with Bloomberg, the CEO of the 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 said that Elon Musk’s bid backers were only following his lead. He also stated that they are ready to provide or withdraw the necessary funds if Elon Musk rejects the deal.
Binance CEO @cz_binance says he's committed to Elon Musk's bid for Twitter, if Musk is.
"He's leading, we're following. If he goes through with the deal, we are committed. If he doesn't, then we are off" https://t.co/1pm7gQsE5j pic.twitter.com/G0ckHleEaM
— Bloomberg TV (@BloombergTV) June 16, 2022
The only topic on Binance CEO’s agenda Not Elon Musk and Twitter. CZ also answered questions 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, dips are for all markets, not just cryptocurrencies says it’s normal. 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. In part of the interview, he made the following statements:
This is not the first bear market my company and I have experienced. This is my 3rd bear market period. We have made our preparations… While most companies (Coinbase) are laying off, we are expanding our staff. In addition, the most productive period for recruitment and advertising are bear markets.
CZ further mentions that Binance will turn bear seasons into opportunities. On this subject, CZ said:
Our investments are about attracting more people to the cryptocurrency market…For example, we acquired the data acquisition site CoinmarketCap. Trust wallet is another example of a decentralized wallet application… Apart from the crypto market, we have also invested in traditional media. You know the Forbes deal. We are also working on Twitter.
Terra was the catalyst for the bear market
In 2022, the DeFi industry 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.
