Changpeng Zhao, the former chief executive officer of cryptocurrency exchange Binance, has stated that "the major coins should mostly do alright" amid a major market crash.
Zhao, the richest cryptocurrency mogul, stated that some market participants are feeling the pain that longtime holders had to endure many times before. "Hold is never easy," CZ added.
The billionaire has also seemingly rejected the idea that exchanges are capable of predicting the direction of the market. He chalked his prescient price predictions to the ability to foresee long-term market trends. According to CZ, such trends are actually easy to see.
"Long-term trends are easy to see. Tech innovation will continue. Internet, blockchain, AI, biotech... You don't need to be an exchange to know it," CZ said.
Alex DovbnyaThe former Binance CEO believes that the Bitcoin price performance is closely tied to economic indicators only in the short term.
Earlier today, the price of the largest cryptocurrency collapsed to $77,527, the lowest level since early November.
The cryptocurrency has plunged in tandem with the U.S. stock market.
The Nasdaq index is currently down more than 4%, and it is currently on track to record its worst drop since 2022.
Dan Burgin
Vladislav Sopov