Recent Bear Market Was Just A Dip – Binance CEO

Market Dip

The CEO of Binance, Changpeng Zhao said that the recent drop in the value of the cryptocurrency market was actually a dip considering the recent reversal.

CZ as he is fondly called made the comment on July 26, via a tweet where he highlighted that the coin he has in mind will likely see another ATH in coming months.

CZ stated that he was not giving financial advice but that the tweet is an important one that he would refer to down the line.

According to him,

“Will refer back to this tweet when we are at ATH again. ”

Top Coins in Daily Losses

Bitcoin, the top capitalized digital asset is currently trading above $21k after dropping below $18k in June. Even at this price, it is down by 4.45% in the past 24 hours.

Ethereum, the next most capitalized digital asset, is trading above  $1.4k. It is down by 8.1% in the past 24 hours. While Binance token, Binance Coin is down by 5.3% in the past 24 hours at its current market price of $243.50.

XRP, the 7th most capitalized coin which is contending with the Binance stablecoin, BUSD is currently trading at $0.33, down by 4.5% in the past 24 hours.

Crypto Rover Corroborates

A technical analyst, Crypto Rover, agrees with the position of the Binance co-founder. CR stated that it is obvious that the recent bearish state of the coin market is actually a dip. In his comment, Crypto Rover said,

“Looking at historical data and on-chain data, it is easy to say that this is a dip indeed.”

On May 25, 2021, CZ had advised investors to get Binance Coin at the $200 range. In a Twitter post that he made on that day, CZ wrote:

“Hope you all had a chance to get #bnb at the $200 range. You had 2 chances. ”

Interestingly, on April 27, 2021, just a month earlier, CZ made a post alluding to the Binance token price being on a dip at over $500. In the earlier tweet, he wrote:

“#bnb in a dip at $570.”

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.

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