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- 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.
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.
https://twitter.com/DrProfitCrypto/status/1785444509955887607/photo/1
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.
– When it seems impossible that markets will go up again
— Tim (@Tim_4444) April 30, 2024
– When alt bags been brutally slaughtered
– When all hope is lost
– When a dip below 60k means armageddon
– When cryptotwitter is silent and dead
– When looking at one´s bags starts to hurt
– When you actually think of…
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.