Binance CEO Changpeng Zhao warns of cryptocurrency risk as investors lose $1.11 trillion

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Binance CEO Changpeng Zhao warns of cryptocurrency risk as investors lose $1.11 trillion

The founder of Binance, the largest cryptocurrency exchange, Changpeng Zhao, has warned cryptocurrency traders of the danger of digital assets as the market crashes.

Ripples Nigeria estimated that the value of cryptocurrency the market depreciated by -49.6%, resulting in a loss of $1.11 trillion in bitcoin between January and August 8, on ethereum and other cryptoasset investments held by investors.

The analysis showed that the cryptocurrency market’s volatility was driven by its most adopted crypto-asset, Bitcoin, which fell -47.9% year-to-date as its market price lost $22,206.78 in eight months, to sell for $24,104.96 as of August 8. 2022.

As the cryptocurrency market capitalization fell to $1.13 trillion from $2.24 trillion in eight months, Binance’s founder said the digital currency market was very risky. This could increase the skepticism that prevents mass adoption.

Read also:Binance Founder Changpeng Zhao Reacts as Bitcoin Investors Lose $43.3 Billion

In a tweet on Sunday, Zhao wrote that the cryptocurrency market is also volatile, “Crypto is high risk, high volatility,” he told his 6.7 million Twitter followers.

Last month, Zhao said that the current bear market is nothing new for long-term cryptocurrency investors, “In crypto, most OGs had to go through a bear cycle where people laughed at them. Those who bought/held in the bear market in 2018/2019 ($3000) or 2014/2015 ($200) are fine today. And @nayibbukele and @saylor will be fine.

Although he said in July that there is still skepticism in the market, and this will affect cryptocurrency projects, even if there is room for more adoption, “For crypto now , the early adoption phase, still a lot of skepticism from mass consumers, what’s bad for one project is usually bad for other projects too. being saturated. It’s a growth phase together,” his tweet read.

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