Changpeng Zhao (CZ), co-founder and CEO of the giant cryptocurrency exchange Binance, made a remarkable statement on his personal Twitter account. Referring to the recent problems in the cryptocurrency world such as increased gas fees, stuck transactions and increased transaction fees, CZ claimed that these are bull market problems.
CZ, co-founder and CEO of Binance, made a remarkable statement on his personal Twitter account. Referring to the problems faced by cryptocurrency investors recently, CZ said “these are bull market problems”, implying that the bull market has entered after a long bear market:
Gas fees are volatile and increasing, transactions are stuck, transaction fees are increasing, people are complaining. These are bull market problems. Look on the bright side, it’s still faster and cheaper than fiat money.
CZ’s bull market commentary on the problems of the bull market, which was the first time in a long time that he used the term “bull market”, attracted the attention of Bitcoin (BTC) and altcoin investors. Investors reacted positively while approving the Binance CEO’s statement.
CZ’s comment that “these are bull market problems” comes after Binance was forced to suspend BTC withdrawals for the second time in 24 hours as the Bitcoin network experiences unprecedented congestion.
Binance was forced to briefly suspend BTC withdrawals at 6:16 p.m. on May 7 due to a record number of unconfirmed transactions, before resuming them. The cryptocurrency exchange was forced to suspend BTC withdrawals for the second time today at 06.08 am, less than 12 hours after suspending and resuming BTC withdrawals. BTC withdrawals were resumed after the outage, which lasted for about an hour.