By Mark Ackman
In recent years, Binance has earned itself quite the name both inside and outside the world of cryptocurrencies. The exchange is the largest in its class by trading volume, doing justice to its position.
In the running year, the cryptocurrency industry has been struck with two major setbacks. The first one was the Terra network crash and the second one was the recent FTX crash.
In both cases, Binance has played a key role in lessening the damage to the crypto industry with its efforts. It is among the entities within the crypto industry that are trying their best to keep the sector running.
Binance CEO’s Advice for the Crypto Investors
Changpeng “CZ” Zhao, the chief executive officer of Binance has recently issued a piece of advice for the investment community. His message was directed at new and inexperienced crypto investors.
CZ claimed that due to the recent developments and crises bestowed upon the crypto industry by FTX, the industry has become unpredictable.
Therefore, it would be a bad idea for new investors to get into investments or trading. Because of the recent crisis, there is a high chance that investors may suffer heavy losses.
This is not the time for investors to spend money on cryptocurrencies and do experiments. It would eventually cause the entire crypto industry to weaken.
As the market is now extremely volatile, it has become very unpredictable. Therefore, it is highly recommended that new and inexperienced investors not get into cryptocurrencies for now.
They must wait for the cryptocurrency industry to settle and recover before they started investing. If they make haste, they may only end up making the situation much worse than it is at the moment.
Zhao Held a Twitter Event
On November 14, the cryptocurrency community and non-crypto communities had the opportunity of interacting with the CEO of Binance.
Zhao announced he was holding an “Ask Me Anything” session and that he will try to answer as many questions as possible asked by the community.
During the session, Zhao clarified that the cryptocurrency industry had become very volatile. It has also become very unpredictable so no one knows exactly where it would go given the current circumstances.
He did assure the users that the crypto industry is not going to end. It will recover, and it will rebuild but it may take a while to happen.
Until then, novice and unsophisticated investors need to stay away from the industry.
As far as the crypto industry’s recovery is concerned, it would ultimately start showing signs, confirming as to which direction it is headed.
A look at the major cryptocurrencies such as BTC and ETH shows that they are slightly positive at the moment. BTC and ETH have recorded 0.54% and 0.46% surges in the past 24 hours.
Still, the minor surges are not enough to predict the future of cryptocurrencies.