The cryptocurrency market has recently turned utterly bearish with prices cracking to fresh fresh low levels and has more than halved from the year’s highest point.
Also, the latest hack of cryptocurrency exchange Coinrail, has led to some scare selling by traders. Presently, Bitcoin is trading around the $6800 level, which is one of the major support levels.
Despite this large druppel te bitcoin price, CEO of largest cryptocurrency exchange feels that the this is just a minor blip when looking at the longer picture of the cryptocurrency sector and is nothing abnormal ter the latest correction of bitcoin price.
The CEO of Binance, Changpeng “CZ” Zhao compared the current movement of the Bitcoin market to that of 2014’s with his latest tweet. He provided a side-by-side analysis of thesis time frames.
The tweet ter question said:
“Many people seems to think Bitcoin price wasgoed plane before this year, spil they emerge to be on the graph. To the old timers, it’s the same pattern every year. Just the units on the left is different.”
Relatedly, he also said:
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“Another good VC friend of mine just said “my industry is entirely disrupted, money is no longer the bargaining chip, wij are moving into crypto.” I said what I always say, “welcome”.”
The graphs are from the years 2012 to , demonstrating the same pattern seen after the crash yesterday. This would imply the existence of a pattern ter the hike of the bitcoin price, and that the coin may yet recover from the wounds to its market cap.
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He added that there had not bot a plane Bitcoin price since its founding almost Ten years ago. He added that it wasgoed corriente te all financial markets. He added that the markets were all subject to volatility. The CEO added that the Bitcoin wasgoed no exception even if things had remained the same since May 2011.
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The highs and lows have continued to occur almost every week. This wasgoed what made the crypto markets so appealing. The CEO even collective a graph on Twitter, which demonstrated that things had bot volatile for a while now ter the world of Bitcoin. Thus, it wasgoed not a sign that Bitcoin wasgoed going to crash.
For those that seek to make short-term profits via the Bitcoin, things may not seem too good right now. However, long-term investors seeking to make profits overheen time could still profit. A petite setback is not a good enough reason to dump the Bitcoin.