Volatility was written all over the market. Bitcoin [BTC] along with an array of cryptocurrencies were bleeding. The king coin had dipped down to $30k for the first time since June 2021. The drastic drop from a high of $47k came as a shock to many. The increased adoption of crypto from mainstream firms as well as governments was expected to further push the price of crypto. However, taking out its volatility card, the entire market plummeted.
This sudden downfall of Bitcoin spurred extreme fear in the market. The ‘Fear & Greed’ index of BTC veered into the extreme fear zone as several began panic selling.
While the market was visibly spooked by the color red, Binance CEO Changpeng Zhao aka CZ took to Twitter and urged the community to calm down. He pointed out that those who panic during such dips are usually the ones who over-invest. He added,
“Emotions. If you panic during a dip, you probably over invested. Try reduce your investment size by 2x or 10x. You will be in a much better position to control your emotions. Only increase your position when you can handle your emotions.”
In addition to this, he brought out charts and noted how Bitcoin had encountered multiple crashes in the past. Despite those blips, Bitcoin managed to surge to an all-time high close to $70k. Staying untethered by the latest crash, CZ tweeted,
Binance kickstarts LUNA and UST withdrawals
Earlier today, Binance temporarily suspended withdrawals of LUNA as well as UST. Citing congestion, the platform revealed that the volume of outstanding withdrawals had peaked. The network had affirmed that it would resume withdrawals following the stabilization of the volume. This process didn’t seem to take too long as Binance resumed withdrawals for these assets.
Meanwhile, LUNA dropped by a whopping 50 percent over the last 24-hours. During press time the altcoin was trading for $30.06.