The cryptocurrency market has taken a massive hit, with Bitcoin dropping below $80,000. The ongoing selloff has wiped out $1 trillion from the total crypto market, sparking fears of an even deeper decline.
Investors and analysts are now watching closely to see whether this is just a correction or the beginning of a larger market crash.
Binance Founder CZ Says Market Dips are Normal
Changpeng Zhao (CZ), the founder and former CEO of Binance, weighed in on the downturn. He reminded investors that market dips are a natural part of free markets.
He advised those feeling stressed to reconsider their investment size, emphasizing that crypto should be viewed as more than just an investment. For him, he said, it is a complete shift in worldview—one he adopted over a decade ago.
How Low Could Bitcoin Go?
The recent plunge has led analysts to predict further declines. Ruslan Lienkha, chief of markets at crypto platform YouHodler, said that Bitcoin’s next major support level is around $70,000.
He noted that if negative sentiment continues to dominate the equity markets, Bitcoin could test this level in the coming weeks, Forbes reported.
However, he also pointed out that the stock market has been in the red for several days, which could mean this is just a short-term correction rather than the end of the broader uptrend.
If traditional markets stabilize, Bitcoin may recover without falling significantly lower. Despite concerns, some traders remain optimistic.
They argue that Bitcoin’s long-term trajectory remains bullish, especially with increasing institutional adoption and clearer regulations on the horizon. However, experts warn that blindly “buying the dip” could be risky if the downturn worsens.
CZ Backs Singapore’s Legal Action Against Bloomberg
Apart from commenting on the market downturn, CZ also voiced his support for Singapore’s government in its legal battle against Bloomberg and one of its journalists. The ministers in Singapore have taken legal action over alleged defamation, accusing Bloomberg of publishing misleading information.
CZ took to X (Twitter) to weigh in on the issue. He said more countries should pass laws that hold journalists accountable for defamation. His comments sparked debate within the crypto and media communities, with some supporting the need for responsible journalism while others expressed concerns over press freedom.
Crypto Faces Uncertain Weeks Ahead
The coming weeks will be crucial for Bitcoin and the broader crypto market. If stocks continue to struggle and investor sentiment remains negative, the selloff could deepen. However, if the market stabilizes, Bitcoin could find support and begin a slow recovery.
At the same time, the regulatory landscape is shifting, with governments and financial institutions taking a closer look at crypto. CZ’s comments on both market and media accountability highlight how the crypto space is evolving, with legal and institutional factors playing a larger role than ever before.