Binance CEO, Changpeng Zhao “CZ” has an opinion on Bitcoin’s bottom at a time when crypto experts and Bitcoin advocates are attempting to anticipate a bottom. As long as there are headlines proclaiming “Bitcoin is dead,” he thinks the price of Bitcoin will fall. Anyone who acquired Bitcoin at times with a strong belief in its value has traditionally gained the most money, according to him.
As of this writing, the price of Bitcoin has fallen by approximately 70% from its all-time high on November 15. As a result of recent events, the BTC price has fallen below $20,000 for the first time since the beginning of this year.
According to a tweet from Binance CEO “CZ” on June 20th, investors who purchased Bitcoin during a time when the public consensus was that “bitcoin is dead” had greater returns. In addition, when individuals give up hope of a Bitcoin (BTC) return is the genuine bottom. This is a great time to purchase the drop in Bitcoin.
There have been times in the past when headlines like “bitcoin is dead” would have been a good time to buy. Logic dictates that they’ve hit rock bottom when they’ve given up all hope.
Changpeng Zhao, on the other hand, made it clear that he was not endorsing any particular course of action going forward. In fact, many anticipated the Bitcoin bubble would collapse when the Bitcoin price was trading at over $65,000. Speculative bubbles have already occurred in 2011, 2013, 2017, and the years 2021-22.
Bitcoin is now trading at $19,986, an increase of about 15% since it fell to $17,708 on June 18. Digital Currency Group, a major cryptocurrency investor, has stated that it is purchasing Bitcoin at the current low price.
Binance has announced support for the BNB Smart Chain (BEP20) Euler network upgrade and hard fork as the crypto market continues to be in a state of uncertainty. The update is planned for June 22 at 08:00 UTC to continue creating blocks, as well as to provide new features and solve bugs.
Binance has announced a temporary halt to all BNB Smart Chain (BEP20) transactions. BNB Smart Chain (BEP20) token trading will not be impacted, though.