The founder of one of the biggest cryptocurrency exchange platforms, Binance, Changpeng Zhao, has reacted to the loss of investment by holders of Bitcoin and others after the digital asset dropped below $19,000 recently.
In the last 24 hours, the value of Bitcoin has dropped by -11.90 percent, trading at $18,092, its lowest value in the last two years.
This drop has sent a shock wave across the cryptocurrency market with holders of Bitcoin holders expressing fears over the possible loss of investment.
As a result of the dip, Bitcoin holders have been withdrawing their investment and this has forced the BTC’s market capitalization to drop from $390.39 billion to $345.03 billion.
In a recent Twitter post, Zhao disclosed he has encountered three bearish markets and has waited till the bulls returned.
He talked about how the value of his Bitcoin investment dropped from $20,000 to $3000 in 2017.
He tweeted: “I dunno. It’s my 3rd cycle. 2013 ATH $1k, then low of $200 for a year. 2017 ATH $20k, then low of $3k for a year. 2021 ATH $68k, low of $20k.
“I am not a good TA, but do you see a trend? I bought some #BTC in 2014, at an average cost of about $600, just before it went to $200. The rest is history.”
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