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.
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.
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.”[carousel_slide id='8496']