On August 5, the crypto market experienced a significant downturn, with Bitcoin (BTC) dropping 10% from $58,350 to $52,500 in less than two hours.
At the time of writing, BTC has climbed back to the $54,000 level, but it still marks an 11% decline in the past 24 hours.
This sudden drop marks the first time BTC has traded below $55,000 since February. Similarly, Ether (ETH) also plunged, dropping 21% to a low of $2,291.
According to CoinGlass data, 208,200 traders were liquidated with a cumulative total value of over $800 million, equivalent to IDR 12.8 trillion, with 90% being long positions.
What’s Next for Zhao?
After his release, Zhao posted on platform X to express gratitude for the support he received during his sentence. He also shared his intention to shift his focus to initiatives “more meaningful and beyond the crypto world,” including education, charity, and high-impact tech investments.
Zhao emphasized that his educational initiative, Giggle Academy, will be his primary focus in the coming years. First introduced in March 2024, this project aims to help children under 13 in developing countries who lack access to education.
Giggle Academy will offer fundamental knowledge in mathematics, science, physics, biology, and finance. This free academy also plans to cover topics not currently taught in schools, such as negotiation, financial management, entrepreneurship, sales, law, accounting, blockchain, and artificial intelligence (AI).
“I plan to keep investing in blockchain/decentralized technology, AI, and biotechnology. I am a long-term investor focused on impact, not returns. I will dedicate more time and resources to charitable work and education. I have a few rough ideas. I’m also finishing my book, about two-thirds done, I think,” Zhao wrote.
One thing is certain: Zhao will not be returning to Binance. According to the settlement Binance reached in November, the company agreed that Zhao is permanently barred from managing or operating the exchange. This was reaffirmed by current Binance CEO Richard Teng, who noted that regulations prohibit Zhao from returning to Binance, though he remains the major shareholder.
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