Binance CEO CZ has sparked rumors among the crypto community with the words he used on Twitter to celebrate the Chinese New Year.
Is Binance CZ signaling bullish in its new Chinese year message?
Chinese New Year or Lunar New Year is an annual 15-day festival in China and Chinese communities around the world that begins with the new moon occurring sometime between January 21 and February 20. The period starting from January 22, 2023 and ending on February 9, 2024 will be the year of the Water Rabbit. The rabbit sign is a symbol of longevity, peace and prosperity in Chinese culture. For this reason, it is predicted that 2023 will be the year of hope.
Binance CEO Changpeng Zhao, who was born in 1977 in Jiangsu, China, also gave the new year message on Twitter. Their speculation-provoking statement stems from the word ‘moon’, a daily expression used to describe a cryptocurrencies experiencing a strong uptrend. “What the lunar calendar is based on… is the Moon,” CZ said in his message, emphasizing the word ‘lunar’. This statement sparked rumors among crypto enthusiasts that it was giving a bullish signal.
CZ supports Bitcoin bull
Binance CEO included messages supporting the current rises in a different tweet on the same day. Targeting the names who made statements such as “Bitcoin is dead”, CZ showed the whole world on the chart that BTC is not dead. CZ also offered some advice to cryptocurrency investors. Emphasizing risk management, CZ says to avoid FOMO:
Embrace risk management in bull markets. Don’t FOMO. Do not put all your investments in one cryptocurrency. (Not financial advice)
At the time of CZ’s announcements, Genesis’ bankruptcy raises concerns, with most cryptocurrencies rising in double digits. Cryptocurrency company Genesis has reportedly filed for Chapter 11 bankruptcy after failing to raise enough funds to cover its debt. The company, which at one point was one of the largest institutional lenders, has the potential to undo all the gains Bitcoin has made in January 2023. This means potential selling pressure on the market.
The company also owes money to multiple companies and their customers, including the Gemini exchange. cryptocoin.com We have included what happened between DCG and Gemini CEOs in this article. While the result points to selling pressure, this need not be the case. Many Bitcoin investors can move their BTC to exchanges in preparation for a potential sale. As Binance CZ points out, getting caught up in such FOMOs in bear markets can be devastating.
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