20 Mar 2020 Anthony Lehrman
Changpeng Zhao Still On A Bullish Stance, Despite Failed BTC Price Predictions
The CEO of Binance, the biggest crypto exchange to date, Changpeng Zhao, faced a massive wave of criticism regarding his bullish statements and price predictions. A part of the crypto community even claimed Zhao to be “the counter signal” when it comes to Bitcoin price movements.
Binance’s CEO always showed a bullish stance on Bitcoin, even claiming that he is “bullish every day/second/tick.” Zhao also pointed out the upward and downward ticks in Bitcoin’s price and correlated them with his activity on social media.
Despite his daily sharing of insight, several of Zhao’s predictions turned out to be false just days after posting them. For example, CZ predicted that Bitcoin would stay over $9,000 just a week before the world’s largest cryptocurrency plummeted with 48% in only 24 hours.
On March 5, Zhao tweeted that he expects vast “seismical shifts” in the crypto space. At the time of the claim, Bitcoin traded for little over $9,000. Zhao’s prediction may have been fueled by the Supreme Court of India lifting the ban on cryptocurrencies, imposed by India’s central bank. Just a day after the forecast, South Korea finally legalized cryptos, which lead to a drastic inflow of money into the crypto world.
Another false prediction of Zhao is that BTC would spike to over $15,000. CZ made the statement in November 2019, and, until now, there is no evidence of such events happening. Zhao cited the shift of stance by the Chinese government when it comes to blockchain technology and cryptocurrencies. Shortly after Chinese president Xi Jinping announced that blockchain is a “priority technology,” the crypto sector saw a substantial push, mainly from investors in the Asia-Pacific region.
However, Bitcoin failed to stand to the claims of being a “safe haven” asset in times of crisis. First, the tension between the United States and Iran reflected, albeit slightly, on the prices of the entire crypto sector.
Now, with the spreading and panic escalations regarding the COVID-19 infectious disease, the crypto markets saw one of the most significant geopolitical price drops. In just a couple of days, the total market capitalization shrank over two times to hit a low of little over $132 billion.
As of press time, the crypto market seems to be stable, with most of the top-20 cryptos marking double-digit price increases. Bitcoin spiked with almost 15% to shake hands at $6,556.47, Ethereum marked a 14% price increase to trade at $142.24, while Ripple jumped 9% to trade over $0,16.
One of the most significant price gainers, however, is the controversial Bitcoin SV (BSV), with a 29% price increase over the past 24 hours.
Meanwhile, Zhao remains a firm believer in Bitcoin’s future, as with other leading crypto exchange CEOs. Most of the cash inflow from exchanges comes in the form of BTC, which explains the bullish stance for most of the CEOs.Blockchain cryptocurrency trading Cryptocurrency Binance Crypto Market Blockchain Application crypto market monitoring Binance Exchange cryptocurrencies exchange Exchanges Coronavirus