CZ says Bitcoin showed resilience as traditional markets fell harder

Binance founder Changpeng Zhao, better known as CZ, said Bitcoin's performance was "quite surprising" after responding to a community discussion about the asset's resilience during a broader market sell-off. According to Zhao, traditional financial markets posted steeper losses on the day than the crypto market, a setup that would normally weigh on digital assets as investors sell holdings and move into cash. In this case, he said, Bitcoin held up better than expected. The comment came after a community user argued that Bitcoin's decline had been limited even under conditions that might have been expected to trigger a much sharper drop. The user said that if the world's largest cryptocurrency exchange were hit by a hack exceeding $6 billion, Bitcoin would normally be expected to suffer a heavy sell-off, yet its decline on the day was only about 3%. Based on that move, the user said the market bottom may be getting close.