- The latest crypto market dip may be influenced by the imprisonment of CZ..
- The reduced imprisonment interval of CZ is actually a bullish sign for the community.
- Traders pay tribute to CZ as analysts remind holders to rise above panic-selling.
The ongoing crypto market crash ignites another round of careless panic selling. What could have caused another wave of fear and doubt amidst the crypto market? A possible answer could be the recent prison sentence imposed upon Binance Founder Changpeng ‘CZ’ Zhao.
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In detail, CZ was sentenced 4 months in prison by a US court for allegations of Binance violating a certain act under his command. Amidst the accusations CZ stepped down as CEO of Binance and continues to be a passive investor and holder in crypto.
The sentence which was initially supposed to be a 3-year sentence has been reduced to 4-months. This is actually a very bullish sign for the crypto industry. Seeing a reduced sentence for CZ and the fact that Binance and user funds have come under investigation is a very bullish sign.
Yet, many new traders, quick-scheme holders, and other non-seasoned entities in the industry seem to be panic selling in anticipation of more bearish signs amidst market regulatory times.
The stronger, seasoned crypto community however is taking a more patient and steady approach. Most traders have paid tribute to CZ as a legend and continue to support his deeds despite the sentence. Meanwhile, CZ himself shares a tender note thanking the community for their support.
As another layer of proof of bullish times, seasoned traders are reminding the greater crypto community to not give into FUD. For instance, a particular trader marks how ridiculous it is to have holders panic sell when BTC price is still above $40,000. When BTC price was below $20,000 there was no greed, yet when the price is high panic selling ensues.
These analysts remind traders to remain resolute and hold with an iron heart to reap the rewards that will surely come over the next 12-14 months. Resilience has always paid off in the crypto realm and long-time analysts hold on to historic patterns and eagerly await the arrival of new ATHs.
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