Chaopeng Zhao (CZ) encourages crypto traders and investors to put their emotions on check, as fear grips the market. Today, the price of Bitcoin slipped way below $30, 000 for the first time since July 2021. But Binance’s CEO CZ, appears unmoved by the most current crypto market dip.

CZ Asks investors to not panic

In a recent tweet this morning, CZ tried to mitigate the extreme panic in the crypto world, by saying that the drop would mean so little in the next couple of years.

He pointed out that Bitcoin has endured several major crashes in the past. He implied that anyone who could not control their level of concern might want to lower their positions, since they cannot handle this much of a risk.

He’s quoted saying; 

“….If you panic during a dip, you probably over invested. Try reduce your investment size by 2x or 10x. You will be in a much better position to control your emotions. Only increase your position when you can handle your emotions.”

Another market player by the name of Income Sharks, shared sentiments with CZ, stating how promising the daily bands looked in the market, less than an hour after. Income Sharks went on to express its expectation for a rise in the market average:

“…We will most likely test the 20 MA line so we still have some nice upside to the $34,000 range. Plus the nice CME gap…”

Crypto market faces doom

In the last 24 hours, there has been a total of $1 billion liquidations from about 287, 061 traders.  Bitcoin, Eethereum and Luna lead in liquidations with $355 million, $326 Million and $100 Million respectively.

Just a few hours after, the market’s capitulation has surpassed the resistance of the crypto market crash. In a matter of hours, Bitcoin broke a massive record, by bouncing from $29,000 to $32,000. 

Without a doubt, these numbers show a favorable dynamic towards the market’s gradual recovery.

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

It’s a new dawn. Credit card giant Visa is now in the cryptocurrency business. They won’t be buying and selling yet, though. Its new division will focus on advising everyone. From retail customers to financial institutions, even central banks can get information from Visa’s crypto experts. A lot of people still value the input traditional institutions can give, even if they don’t have the track record. So this seems to be good news for the crypto industry as a whole.

Related Reading | As Amazon Takes on Visa, Does Cryptocurrency Offer the Real Alternative?

Reuters informs:

“Visa’s services include educating institutions about cryptocurrencies, allowing clients to use the payment processor’s network for digital offerings, and helping manage backend operations.”

And Visa promises:

“Tap crypto’s potential with a pioneer in global payments. For crypto to realize its full potential, we are connecting crypto and blockchain networks to our trusted, global payment network. And we’re propelling innovation to deliver even more access and value to the crypto ecosystem.”

Visa’s CFO Still Doesn’t Understand Bitcoin

In a bizarre move, considering they’re offering expert advice in cryptocurrencies, Visa’s CFO said the darndest thing. Vasant Prabhu told Reuters:

“If the price is going to fluctuate from $60,000 to $50,000 in a few hours, it’s a very difficult thing for a merchant to accept (bitcoin) as a currency. I don’t know if cryptocurrencies like bitcoin will ever be a medium of exchange. Stablecoins will.”

Bitcoin is already a medium of exchange. It’s legal tender in an entire country. It’s a process, but merchants will quickly learn the benefits of holding a deflationary currency instead of an inflationary one. If Prabhu doesn’t understand this, how does he expect his clients to take his advice seriously? 

BTC price chart for 12/09/2021 on Gemini | Source: BTC/USD on TradingView.com

What Did Visa’s Crypto Research Department Found Out?

As an introduction to the company’s crypto research department, the company says, “For financial institutions eager to attract or retain customers with a crypto offering, retailers looking to delve into NFTs, or central banks exploring digital currencies, understanding the crypto ecosystem is a vital first step.”

As the first show of power, they produced “The Crypto Phenomenon: Consumer Attitudes & Usage.” A report that, among other things, found out the following:

• “Almost universal awareness of cryptocurrency at 94% globally among adults with discretion over their household finances.”
• “Nearly one in three crypto-aware consumers already own or use cryptocurrency, with the majority saying that their use has increased in the past year (62% Owners), and two-thirds expecting that they will increase the share of their investable assets invested in crypto in the next 12 months (66% Owners).”
• “In Emerging Markets, ownership (37%) and curiosity about (27%) cryptocurrency is even more pronounced.”
• “The biggest drivers of owning and using cryptocurrency are to take part in the “financial way of the future” (42% Owners) and to build wealth (41% Owners)”
• “Most crypto owners would be interested in buying cryptocurrency from their bank (85% Owners)”
• “More than a third of current owners indicate that they plan to switch to a bank that offers crypto products within the next 12 months (39% Owners).”
• “The significant majority of consumers who use cryptocurrency express interest in crypto-linked cards (83% Active Owners) and rewards (86% Active Owners).”

Related Reading | Visa Is Building A Payment Channel Network On Ethereum

Conclusions To Avoid Confusion

Even though Visa’s study seems to be skewed to what its clients need to hear to acquire their new service, the results are interesting. It’s useful to see what the research department of a company with that kind of resources can come up with. Let’s hope they keep it coming. And let’s also hope that Visa’s CTO reads “The Bitcoin Standard,” because that quote was embarrassing.

Featured Image: Visa and Bitcoin, taken from their site | Charts by TradingView

Dogecoin, a cryptocurrency that was created as a joke, has risen in price by more than 12,000% and hit a record 69 cents per token this week. Bitcoin climbed briefly to over $60,000 apiece last month, more than doubling its price since the end of 2020. These rallies are prompting individual investors to turn their attention to newer cryptocurrencies such as DigiByte, VeChain and SafeMoon in the hunt for cheaper alternatives that could be the next to skyrocket. Here’s what you need to know.

Key Takeaways1. The rise of new digital assets is fueled, in part, by online speculation.

The…