CZ Urges Calm Amid Crypto Market Crash

Binance founder Changpeng Zhao (CZ) recently shared investment advice amid a significant crypto market crash. In a post on X, CZ rationalized the current market dip and urged traders to reduce their investment portfolios if they are feeling stressed. The crypto market is currently facing intense pressure, with Bitcoin (BTC) hitting a low of $78K and altcoins experiencing even more severe declines.

CZ's advice comes as the crypto market faces a perfect storm of factors contributing to its crash. The market has seen massive liquidations worth $950.27 million, with over 227,000 traders liquidated intraday, according to Coinglass data. Additionally, net outflows for Bitcoin and digital asset ETPs this week totaled $2.6 billion, an all-time record, as reported by CoinShares. However, there are signs that the selloff may be cooling off, offering hope for the market's future.

Adding to market concerns, a significant number of Bitcoin and Ethereum options are set to expire, potentially exacerbating volatility. CoinGape reported that 59,000 Bitcoin option contracts with a notional value of $4.68 billion and a put-call ratio of 0.71 are expiring today. Additionally, 529,000 Ethereum contracts with a put-call ratio of 0.52 are set to expire shortly.

Despite CZ's investment tip, traders and investors remain cautious as crypto prices continue to drop. As of press time, Bitcoin (BTC) price traded at $80,441, down 8% intraday. Ethereum (ETH) price plummeted nearly 10% in the past 24 hours, closing in at $2,135. XRP and Solana prices cracked 7%-9%, exchanging hands at $2.04 and $133.22, respectively. The crypto market lost nearly 7.5% value, with a waning market cap of $2.66 trillion. Market watchers remain apprehensive amid the current turbulent landscape.