Changpeng Zhao, the ex-CEO of the cryptocurrency exchange Binance, has expressed optimism, suggesting that "the major cryptocurrencies should largely weather the storm" during a significant market downturn. Zhao, recognized as the wealthiest figure in the crypto industry, noted that some market participants are now experiencing the kind of hardship that long-term holders have faced repeatedly in the past. "Holding through tough times is never easy," CZ emphasized.
The billionaire appears to dismiss the notion that exchanges can accurately forecast market movements. Instead, he attributes his accurate price predictions to an ability to identify long-term market trends, which he claims are relatively straightforward to anticipate.
Zhao also believes that Bitcoin’s price performance is influenced by economic indicators only in the short term. Earlier today, the leading cryptocurrency’s value dropped to $77,527, marking its lowest point since early November. This decline has mirrored the U.S. stock market’s struggles, with the Nasdaq index currently down over 4% and on pace for its steepest fall since 2022.
