They have been difficult days for the crypto community. And, after Elon Musk announced that his company, Tesla, will stop accepting Bitcoin as a payment method for its vehicles, the market collapsed. Causing a sharp drop in the price of all major cryptocurrencies, and leading many to announce the end of the crypto market. However, for the CEO and founder of Binance, Changpeng Zhao, Bitcoin has not changed, as he comments in the Tweet of the day:
Changpeng Zhao asks for calm
One of the main characteristics of the cryptocurrency market since its birth has been the volatility in the price of virtual currencies. And it is that, they have accustomed to crypto users to impressive rises and sudden falls in their price. Being extremely sensitive to news and variations in the economy that may affect your market.
This does not represent a problem for more experienced investors, who understand that despite these variations in the price of cryptocurrencies, in the long term their trend does not change. However, for more novice investors any drop in the price of Bitcoin can represent the definitive end of cryptocurrencies, and a signal to exit the market as soon as possible.
However, as Changpeng Zhao points out, the truth is that the market has not changed since the last major Bitcoin bull rally. Well, beyond a higher price in the main cryptocurrency in the world, the price of crypto assets is still quite volatile, and long-term trends in the market continue to reward those who have patience not to panic.
«Bitcoin / # crypto have not changed. Do not care. There are always fluctuations in the market, for all kinds of reasons. You can blame others for what they tweet (their freedom). Or you can take advantage of the opportunities. It is not financial advice».
Thus, Changpeng Zhao suggests to members of the crypto community not to panic about the comments that Elon Musk or some other crypto influencer may make about the market. And that, on the contrary, they take advantage of these opportunities to stand firm and increase their bets in cryptocurrencies.