The founder of Binance, a popular medium for exchange of cryptocurrency, Changpeng Zhao, has finally reacted to the unexpected loss of investment by Bitcoin holders and others after the digital asset dipped below $19,000 on Saturday.
Earlier report has it that the value of Bitcoin has dropped by -11.90 percent in the last 24 hours, trading at $18,092, its lowest in the last two years.
This has caused a strong wave of shockacross the cryptocurrency market with Bitcoin holders expressing fears of possible loss of investment.
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Consequently, Bitcoin holders have been withdrawing their investment, forcing the BTC’s market capitalization to drop by $43.35 billion from $390.39 billion to $345.03 billion on Friday.
Meanwhile, in a tweet on Saturday, Zhao said he has been through three bearish markets, and has waited until the bulls returned.
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He revealed how the value of his Bitcoin investment dropped from $20,000 to $3000 in 2017.
He wrote: “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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