CZ Dismisses Bitcoin Fears as Price Drops Below $85K

Key Takeaways:

Former Binance CEO Changpeng Zhao (CZ) publicly dismissed concerns about Bitcoin’s price decline, encouraging a long-term perspective.
Current Binance chief Richard Teng characterized the drop as a “tactical retreat” rather than a fundamental market shift.
Investor sentiment appears mixed, with some expressing frustration while others view the correction as a buying opportunity.
US Bitcoin ETFs experienced substantial outflows, with nearly a billion dollars withdrawn in a single day.
Investor sentiment appears mixed, with some expressing frustration while others view the correction as a buying opportunity.

Binance founder Changpeng Zhao (CZ) reassured followers on Wednesday that Bitcoin’s price decline is temporary, urging calm in an early morning X post.

"No need to panic, bitcoin won’t die," the former Binance CEO shared to social media on February 26.

Not all investors shared Zhao's confidence, as Bitcoin slipped below $85,000.

"Then can you please stop dumping sir," one user replied to his post. "Time will tell," wrote another.

However, some social media users echoed Zhao's optimism, seeing Bitcoin's price drop as temporary.

"Bitcoin dying? Bitcoin won't even faint," one X user said. "This is barely a nap."

"I don’t mind the panic," another said. "Simply an opportunity."

Richard Teng Discusses Bitcoin Dip on X

Zhao's comments come amid a volatile week for Bitcoin, which has dropped more than 20% from its all-time high of $109,000 in January.

Binance CEO Richard Teng, who replaced Zhao in November 2023 after his resignation due to legal challenges, weighed in on Bitcoin's price decline.

CZ Dismisses Bitcoin Fears as Price Drops Below $85K

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Richard Teng Discusses Bitcoin Dip on X

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