CZ Zhao Calls for 'Buying the Dip' Amidst Market Pressure
Binance founder CZ Zhao Changpeng took to X platform on September 16 to urge investors to 'buy the dip' amidst market pressure. The cryptocurrency market was under stress due to dual negative factors of regulation and macroeconomic conditions.
The day before, the Senate procedural vote on the CLARITY Act failed to reach the required 60 votes, leading to a decline in Bitcoin price by 4.7% within 24 hours to $75,758.66. Ethereum dropped 7.6% to $2,398.80, and Solana fell 6.5% to $96.71.
CZ's post was released as the market continued to decline, with Bitcoin further dropping to around $75,656, a 24-hour loss of about 4%. The intraday trading range narrowed to $75,400 to $76,100, and the crypto fear and greed index plummeted from 69 ('Greed') to 51 ('Neutral').
This is not the first time CZ has made similar 'buy the dip' statements during market pressure; he has previously posted similar tweets during price corrections. The Federal Reserve will announce its interest rate decision at 2 PM (Eastern Time) on September 16, with expectations of a 25 basis point hike.