As a seasoned analyst with extensive experience in the ever-evolving world of cryptocurrencies, I find myself continuously intrigued by the dynamic movements of the market and the insights shared by influential figures like Changpeng Zhao (CZ).
As a researcher in the cryptocurrency field, I recently observed Changpeng Zhao, famously known as CZ, expressing his insights regarding the recent escalations in Bitcoin‘s market value and potential future trends on his account across X social media platform. Known for co-founding and previously leading Binance, the world’s largest exchange by trading volumes, his thoughts carry significant weight within our community.
CZ comments on Bitcoin ATH
This week, the most significant cryptocurrency surged by 11%, climbing from approximately $69,350 to reach nearly $77,000. Later, it fluctuated between around $75,000 and $76,000. Over the last day, Bitcoin climbed again to hit about $77,252, achieving its second record high within this week.
Given these fresh historical data points, CZ, a significant player in the cryptocurrency sector, has released a warning to potential investors and current holders about the possible ups and downs, or dips and peaks, that Bitcoin may continue to exhibit.
Centralize Advisory Urges Caution for Investors, Encouraging Them to “Employ Appropriate Risk Strategies” and Manage Their Desires for Quick Profits. In Other Words, “Don’t Put All Your Money in One Place. Proceed Gradually,” as Suggested by Changpeng Zhao on Twitter.
With Bitcoin consistently setting new record highs, it’s crucial to practice effective risk management. Keep in mind that there will be both ups and downs ahead, so prepare yourself for the potential dips as well as the peaks. Curb your desire for immediate gains. Diversify your investments instead of concentrating all resources on one asset. Invest steadily and wisely.
— CZ 🔶 BNB (@cz_binance) November 8, 2024
Once BTC soared above $77,250, CZ tweeted: “Just the beginning.”
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CZ reacts to FTX collapse “anniversary”
In a recent social media post, CZ recalled the loud FTX collapse that took place in early November 2022. While that happened two years ago, CZ reacted in the comment that for him it feels like “definitely 20 years ago.”
On November 8, FTX suffered a collapse, and CZ announced that Binance had reached a non-binding deal to acquire its main competitor. At the time, FTX ranked second among cryptocurrency exchanges. Nevertheless, Binance later reneged on this agreement, stating that FTX was grappling with a severe cash flow problem.
It’s alleged that Sam Bankman-Fried, the founder and previous CEO of FTX, misled investors regarding the exchange, potentially costing them billions of U.S. dollars. This action was supposedly taken in an effort to rescue Alameda Research, his ailing trading firm which fell apart earlier in the year.
Sam Bankman-Fried received a 25-year prison sentence, while Changpeng Zhao (CZ) encountered charges from the U.S. Department of Justice (DOJ) for breaching security and anti-money-laundering regulations. Unlike SBF, CZ served only four months in prison this year. However, he was permanently relieved of his CEO duties. CZ exited prison at the end of September, prompting anticipation within the cryptocurrency community that the arrival of “Uptober” and CZ’s release might propel Bitcoin to new heights.
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2024-11-09 12:33