“Panic sell is BAD” – Binance CEO gives a lesson on how to invest in BTC
2 min readTL; DR Breakdown
- Binance CEO advices against panic selling
- BTC has recovered from under $30k to over $33.5k in less than a day
- Bigshots not worried about the crash event
The last 24 hours have been very eventful for the BTC market. A sudden price crash late yesterday took BTC’s value to under the $30k mark and sent the market into a chill, causing panic and anxiety. Many had believed that $30k was the ultimate bottom and the crypto would only go upwards after that. Some people rushed to sell off their stash. That’s before the market revved up and recovered a few hours later. At the time of this writing, BTC is trading very close to $34k and looks all good to surpass it soon.
CZ educates Bitcoiners
The market events of the past 24 hours have attracted attention of popular crypto players, including Binance’s CEO Changpeng Zhao (CZ). CZ sent out a tweet to lend an important lesson to crypto investors in general and those worried about BTC. According to him, panic selling is bad and investors should learn from their mistakes. Also, people need to have a balanced crypto portfolio to mitigate risks.
Learn from your past mistakes, write it down, "panic sell is bad". And most importantly, structure your risks so that you don't need to do it again.
— CZ
Binance (@cz_binance) June 23, 2021
Binance (@cz_binance) Apparently, CZ’s lesson may have come a little too late for those who sold their coins in panic. Those who bought the dip at below $30k are currently already in the profit range as BTC is now posting a 7% upswing over the last 24 hours.
People buy BTC at high prices
The Binance CEO isn’t the only popular industry personality to try to educate people about crypto investments. Michael de Poppe is worried that a lot of people were contacting him for buying advice when BTC hit $60k but a lot of them not buying the dip now. Some might even have old in panic, leaving them in over 50% loss. The interesting part is that those who sold out at under $30k will rush in to buy as the crypto spikes again.
Not worried
While some people sold out, others like billionaire Mike Novogratz weren’t worried even a bit. He said as much during an interview with CNBC. Note that Mike said this at a time when BTC was dipping below $30k.
