Binance Co-Founder Changpeng Zhao Cautious Traders As Bitcoin Hits ATH
In a recent X post, Binance co-founder Changpeng ‘CZ’ Zhao has advised community members and investors against getting greedy as Bitcoin (BTC) price continues its rally. His statement comes amidst a broad crypto market rebound that has seen BTC hit an All-time-high (ATH) of almost $78,000.
Binance CZ And Involvement in Bitcoin and Crypto
Even though he no longer heads Binance as the CEO of the leading exchange, CZ is still in touch with his crypto background.
The crypto landscape looks quite promising at the moment with most digital assets including Ethereum (ETH), Solana (SOL) and others, registering huge profits. As someone who has been in the industry long enough, Changpeng Zhao thinks investors should tread with caution. He believes now is the time to exercise proper risk management measures on their trades.
As #bitcoin make successive new all time highs, apply proper risk management. There will be many dips (and highs) in the future. Make sure you can handle them. Control your greed. Don’t put all your eggs in one basket. Ape slowly. https://t.co/lSfLHbj7go
— CZ BNB (@cz_binance) November 8, 2024
He made sure to mention that the market could still go sideways, either a low or further high. Therefore, investors should diversify their investment portfolio and avoid plunging funds as a result of their greed.
Noteworthy, the former Binance CEO remains a core part of the crypto sector. He returned from jail about a month ago after serving four months time for his involvement in some regulatory issues at the exchange. Upon his release, he emphasized his commitment to blockchain technology, Artificial Intelligence (AI), and biotechnology.
There are current talks on whether he plans to sell off his stake in Binance, sparking speculation about his future role in the broader market.
Trip Down Memory Lane – the Failed Binance – FTX Tango
In another X post, CZ joked about an intended acquisition transaction between Binance and FTX before the later imploded.
It started with one crypto X member pointing out that November 8 marks the second year anniversary of FTX’s collapse and attempted move to buy the firm. Notably, the firm, now led by Richard Teng signed a non-binding Letter of Intent to acquire FTX.
It turned out that Sam Bankman-Fried commited a huge fraud, misappropriating billions in customers deposits. He is currently serving a 25 years jail term which he started in March. Responding to the post about FTX’s implosion, CZ said that it felt like the event happened two decades ago. The acquisition transaction between Binance and FTX never fell through.
With the firm’s bankruptcy set to start repaying customers, the crypto winter that the implosion ushered in is now clearing off.
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