Binance founder Changpeng Zhao, widely known as CZ, has reacted with humor to Bitcoin’s latest price drop, joking that he is “poor again” as the cryptocurrency slipped sharply below the $67,000 mark.
CZ made the lighthearted comment on social media as Bitcoin extended its losses, reminding followers that he made a similar remark during a previous downturn when BTC fell from around $67,000 into the $30,000 range. He added that the episode “didn’t end up too badly” for Bitcoin, a reference to the powerful bull market that followed and pushed prices to new highs.
Despite the joke, the broader market mood has turned tense. Selling pressure intensified as Bitcoin recorded a daily loss of more than 9 percent, briefly trading below $67,000. The decline has inflicted losses on many investors who entered the market during the recent rally, raising questions about market confidence and investor resilience.
The pullback is testing Wall Street’s renewed optimism toward cryptocurrencies, as well as the resolve of retail investors who bought near recent peaks. Analysts note that much of the volatility is being driven by forced liquidations in the derivatives market rather than purely spot selling.
Data from Coinglass shows that more than $3 billion worth of Bitcoin positions have been liquidated over the past eight days. As of this morning alone, over 59,000 traders worldwide were wiped out, triggering an additional $730 million in forced sales.
Blockchain analytics firm Glassnode described the current situation as a phase of “forced deleveraging” in the futures market. According to its analysts, heavy waves of long-position liquidations are amplifying price swings and accelerating the downward move.
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