After a massive sell-off on the cryptocurrency market this week, many saw the price of Bitcoin (BTC) bounce back from as low as $89,000 to $97,000 in a matter of hours.
In the altcoin space, the story is even more dramatic, with many of the alternative cryptocurrencies posting double-digit percentage gains in just the last two days. Naturally, such a rapid change in the narrative from extreme fear to greed has sparked a fresh injection of fear of missing out among crypto market participants.
Arman ShirinyanIn the middle of this price roller coaster, the former CEO of Binance, the world's largest crypto exchange, Changpeng Zhao, or CZ as he is better known in the industry, stepped up with a statement that served as a voice of reason. Zhao is no stranger to issuing statements, and some of his pronouncements have become sacred on the crypto market.
This time around, Zhao directly addressed the FOMO caused by the market's rebound, urging that everyone has such a fear.
However, the important thing is to control it responsibly. In an attempt to interpret the words of the crypto mogul, it can be said that while it is normal human nature to feel the fear of missing out, what makes the real difference is how one manages to channel it.
Alex DovbnyaThe key may lie in finding the perfect balance between greed and fear. According to CZ himself, the crypto entrepreneur said a year ago that the key is not to do anything out of fear of missing out but also not to invest in a single coin.
In his view, in bull markets such as the one we are currently in, the adoption of risk management is vital.
Dan Burgin
Vladislav Sopov