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November 27, 2022
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Binance CEO CZ: “Bitcoin is less volatile than stocks like Apple and Tesla”

Bitcoin volatility fell in 2021 compared to previous years

Binance CEO Changpeng Zhao commented on the volatility of Bitcoin (BTC), saying that the largest cryptocurrency by market capitalization is probably less volatile than the share prices of companies of similar size by market capitalization, such as Apple and Tesla.

Woobull data shows Bitcoin’s 60-day volatility in steady decline since the beginning of 2021. However, investment research portal AlphaQuery’s figures show that Tesla and Apple’s stock prices still have significantly 60-day volatilities. lower in the same period.

60 day BTC volatility by Woobull Charts

Speaking during an interview with Bloomberg TV on Monday, the head of Binance argued that the volatility of the cryptocurrency was no different from the situation in the stock market, adding:

“Volatility is everywhere […] It is not exclusive to cryptocurrencies. ”

For Zhao, income hunters who are often not as committed to crypto projects as true believers are often to blame for unstable prices due to their sheer number.

“There are always a lot more people with the herd mentality than the guys who really do serious research.

Whenever there is any negative news, they [seguidores do rebanho] they run away, whenever there is positive news, they try to hurry and therefore cause more volatility, ”said Zhao.

The characterization of the executive of crypto believers as being more “die-hard fans who understand and really love the project” is consistent with his earlier comments on his personal disposition for the industry as a whole.

In April, Zhao revealed that he holds almost 100% of his net worth in cryptocurrencies.

The crypto market is experiencing a Monday of significant gains, with total capitalization rising more than 4.5% in the last 24 hours.

Ethereum’s (ETH) escalation to surpass the $ 3,000 mark for the first time was the highlight of the day, especially among the top ten tokens ranked according to market capitalization.

Bitcoin looks set to test the $ 60,000 mark for the first time since mid-April, which preceded a small correction below $ 50,000 on the 24th of last month.

Source: FXStreet

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