“Crypto market is undervalued, Bitcoin has been Oversold” – Binance CEO CZ

By Tabassum
Published January 21, 2019 Updated January 21, 2019
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“Crypto market is undervalued, Bitcoin has been Oversold” – Binance CEO CZ

By Tabassum
Published January 21, 2019 Updated January 21, 2019

Changpeng Zhao, CEO of the world’s largest cryptocurrency exchange Binance believes that ‘crypto market is undervalued’. Speaking at the Binance Blockchain Week event in Singapore, which is held for Jan 19-22, 2019, CZ notes that ‘Bitcoin has been oversold’.


Among the four days of the week, the first two days was ‘Binance SAFU Hackathlon (Jan 19 & 20), whereas the rest two days counts for the Binance Conference (Jan 21 & 22).

Massive Crypto Rush in 2017 reason for the current downfall

Over the past 24 hours, the price of Bitcoin fell below $3600 level – which has also affected some major digital currencies including XRP, Ethereum, Bitcoin Cash, EOS, and more. Mr. Zhao recalls the valuation of Bitcoin and cryptocurrency market in late 2017 which was reaching a peak of $20000. While recalling this in an event, he says;

I believe… at the end of 2017, there was definitely an overshoot on the price side… There was a lot of guys rushing in, very simple projects with very simple whitepapers,

Indeed the meteoric rise in crypto prices enticed massive rush in 2017 and ‘once that massive rush-in finishes the price declines.”, he added.

Image source – https://coinmarketcap.com/

I’m very, very confident – CZ

Bitcoin’s declining price is not something that Mr. Zhao fears about, in fact, he expressed his level of confidence on the crypto market to thousands of the audience attending the event. Although the daily volume of cryptocurrency market kept on fluctuating with the negative graph, Zhao believes there is a lot more development in crypto space.

“I’m very, very confident that this space will get so much bigger, we just got to be prepared for when that happens.

However, this is not the first time Zhao is positive about the growth of crypto, during an interview at Bloomberg in Mid December 2018, he spoke about his confidence on the future on blockchain, despite his own assets being hit.

Binance focusing on Building

Binance has been crowned the first spot among crypto exchange ranking at Coinmarketcap. Talking about the price movement, he states ‘I don’t look at the price’. Rather, he says, ‘building is crucial than checking the price regularly’. Addressing the audience at the conference, he says that he looks at the price only when somebody informs him about the price movement.

What we do is we focus on building. He continued that; “There are more people in the industry, there are more people working in the industry, there are more people attending conferences, there are more conferences going on.

Binance’s boss with 272k followers on social media often captures noteworthy attention to his every tweet/announcement. As such, his engagement so far again named it the #1 name among the 100 Most Influential people in crypto space 2018.

What do you think about the crypto space? Do you agree with CZ’s statements? Share your opinion with us.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com

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