Ex Binance CEO 'CZ' on Market Crash: 'This Is Why We Never Stop Building'
Main Idea
Former Binance CEO Changpeng Zhao (CZ) commented on the recent cryptocurrency market crash, emphasizing the importance of continuous development in the crypto industry despite market volatility.
Key Points
1. Cryptocurrency markets experienced significant volatility, with over $758 million in leveraged positions liquidated, mostly longs.
2. CZ tweeted, 'This is why we never stop building,' highlighting a long-term vision for the crypto market.
3. Bitcoin saw profit-taking after reaching record highs, with $6 to $8 billion in realized gains reported in late July.
4. Major cryptocurrencies like Ethereum, XRP, Solana, and BNB also faced price declines following Bitcoin's drop.
5. Despite the sell-off, Bitcoin and Ethereum liquidations remained relatively low, according to Glassnode.
Description
Former Binance CEO Changpeng Zhao reacts to ongoing market sell-off
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