Zhao Changpeng claims that China will build a strategic reserve of Bitcoin, but the crypto market is experiencing a crash. In the past 24 hours, 95% of cryptocurrencies have declined, with 567,000 people liquidated for $1.71 billion, and Bitcoin plummeting to $94,000.
Bitcoin broke $100,000 last night and then fluctuated downward, sliding from $100,421 to $98,000 at 11 o'clock, and touching $94,150 at 5 o'clock this morning, now rebounding to $97,100, with a near 24-hour decline narrowed to 2.96%. Coinglass data shows that long positions were liquidated for $1.55 billion, while short positions were liquidated for $163 million.
Binance founder Zhao Changpeng stated at the Bitcoin MENA 2024 summit on December 9 that China may follow the new government plan of U.S. President-elect Trump and become one of the countries adopting Bitcoin as a strategic reserve. He believes Bitcoin is the only 'hard asset.' He also mentioned that 'smaller countries' might take action first, but the changes will be slow. Although China's position is hard to gauge, it has the ability to implement policies quickly, and establishing a Bitcoin strategic reserve is 'inevitable,' despite a lack of evidence of accumulation.
Dogecoin, once the ancestor of MEME, saw an increase of only 5% over the weekend influenced by Musk's tweets, while its 'son' Babydoge had an astonishing increase. Originally born as a joke, Babydoge is mainly used to build a community of memes and promote animal welfare and pet adoption awareness.
