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Binance founder, Changpeng Zhao reacts as Bitcoin investors lose $43.3bn

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Binance founder defends creation of new bitcoins amid impact on price

The founder of cryptocurrency exchange, Binance, Changpeng Zhao, has reacted to the loss of investment by Bitcoin holders and others after the digital asset slumped below $19,000 on Saturday.

Bitcoin’s value has dropped by -11.90 percent in the last 24 hours, trading at $18,092, its lowest in the last two years.

This has sent shock wave across 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.

In a post on his Twitter on Saturday, Zhao said he has been through three bearish markets, and has waited until the bulls returned.

Read also: Binance coin, BNB under investigation in U.S, slumps in crypto market

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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