Binance's Former Chief Executive Officer, 'CZ', Speaks on Market Collapse: "Continuous Construction is Our Unwavering Approach"
In the past 24 hours, the cryptocurrency market has seen significant volatility, with more than $758 million in leveraged positions liquidated. This sell-off was primarily driven by broader market shocks, including geopolitical tensions and negative macroeconomic factors such as tariff-related shocks and Federal Reserve policies.
Bitcoin, the largest cryptocurrency by market capitalization, fell to $114,058 in a drop that is now entering its fifth day from a high of $119,839 on July 28. However, it has since recovered to trade around $115,260 as of this writing. Ethereum (ETH), the second-largest cryptocurrency, followed BTC's price action, erasing an early decline to $3,582 and trading near $3,640.
Other major cryptocurrencies were also affected by the sell-off. Ethereum (which confirmed an hourly death cross) and Dogecoin neared the $0.2 mark amid the sell-off. XRP retraced under $3, Solana dipped below $170, and BNB (BNB) sank to $765.
The majority of the losses were longs, which accounted for over $701 million in total liquidations. CoinGlass data shows that the largest single liquidation was a $13.7 million ETH long on Binance, with a total of 184,433 traders liquidated.
Despite the intense market volatility, there are no signs of a leverage cascade yet. According to Glassnode, Bitcoin and Ethereum liquidations remain low, and OI drawdowns are moderate, suggesting that the recent drop looks more like spot-driven selling than a derivatives flush.
Amidst the market turmoil, former Binance CEO Changpeng (CZ) Zhao issued a post on X, reminding the community of the long-term vision that has defined his approach to the crypto market. In a recent tweet, CZ wrote, "This is why we never stop building." The official BNB Chain X handle responded to CZ's tweet, saying, "Price up-we build, price down-we build."
These events serve as a reminder of the inherent volatility in the cryptocurrency market and the importance of long-term resilience and caution, especially when it comes to leverage in volatile markets. As always, it's crucial for investors to conduct thorough research and make informed decisions.
Whales in the cryptocurrency market might find the recent sell-off disheartening, as Bitcoin and Ethereum, the two largest currencies, have been affected. Bitcoin, with a current trading price of around $115,260, and Ethereum trading near $3,640, have both seen significant drops from their previous highs. In the midst of this turmoil, former Binance CEO Changpeng Zhao has reminded the community of the importance of long-term vision and continuous building. He wrote, "This is why we never stop building," to which the official BNB Chain Twitter handle responded, "Price up-we build, price down-we build." These words underscore the need for resilience and caution, especially when considering leverage in volatile markets like cryptocurrency finance, a sector heavily influenced by technology and business dynamics.
