March 29, 2024

Changpeng Zhao: The current drop in the cryptocurrency market is normal

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Changpeng Zhao: The Current Decline of the Cryptocurrency Market Is Normal

The CEO of cryptocurrency exchange Binance denies claims of an unprecedented drop in bitcoin and the market as a whole, reassuring the community.

In an interview with  Bloombereg Markets: European Open, Changpeng Zhao emphasized that price fluctuations are common for both the cryptocurrency and traditional stock markets.The current situation reflects the usual bearish trend with a prolonged fall:

"It's quite standard for markets to rise and fall, and we see this behavior in stock markets as well.For example, Netflix shares have fallen by 70% like Bitcoin.Binance.And for me personally, it's the third."

According to the head of Binance, the platform prepared in advance for the fall of the crypto market and accumulated a sufficient amount of reserve funds.Despite the situation, the demand for the services of the largest crypto exchange remains high.He stressed that it is Binance that will emerge victorious from the current situation, while other companies are cuttingstaff, Binance plans to hire an additional 2,000 employees.

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Previously, Zhao urged investors to diversify their cryptocurrency portfolio rather than invest all their funds in one or two assets.