Crypto Guru Su Zhu: Here's What Caused the Bitcoin Crash – And What's Next

Su Zhu, CEO of crypto investment fund Three Arrows Capital, shares his insights on what caused Bitcoin's late May crash and the next direction for the crypto markets. In a new interview on the Uncommon Core podcast, Zhu says that the confluence between Bitcoin's rising price action and a series of bearish news triggered the massive sell-off that resulted in more than 50% drop in BTC's value. Zhu is referring to the possible shutdown of Bitcoin mining in China and Tesla CEO Elon Musk's tweets criticizing the flagship cryptocurrency for viewing it as environmentally unsustainable features. “I think there was a lot of news coming in back then, especially from China about mining, and then in the US, which went down a bit with Elon's tweets about Tesla and Bitcoin power consumption… These are not direct causes, but there were a few and I think the market is starting to profit from it took it as a point of attraction. So I think that was a key point, and also the fact that people who buy all the time say, 'OK, I can get it a lot cheaper if I wait, so I'll wait and see'. So I think these two factors are the pinnacle of achieving this, but if you look at how the markets have bounced you can see that these buyers are still there, it just depends on the price they're going to get. "At the beginning and middle of this run, they continued to buy at higher prices and this time they were able to buy at lower prices than before. As a result, there is still a large buying demand." In the interview, Zhu states that “the bull run is definitely not over” and that decentralized finance (DeFi) is about to infiltrate the financial institution as investors discover superior returns and tools. veteran is the latest research to show that hedge funds are planning to pour hundreds of billions of dollars into c.

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