Zhu Su, co-founder of Three Arrows Capital (3ac), apologized to his followers for getting UST taken. The CEO finally apologized for failing the Supercycle thesis.

Zhu su, in his post on Twitter on May 27, said that the “Supercycle” price thesis and the prediction that Bitcoin could reach $ 2.5 million did not result as expected.

   “The Supercycle price thesis was sadly wrong, but crypto will still thrive and change the world every day.”

The Supercycle put forward by Zhu su was an idea that suggested that the cryptocurrency market would gradually rise during this market cycle, avoiding a perpetual bear market.

Zhu Su also predicted that the price of Bitcoin could go up to $ 2.5 million in a podcast broadcast he participated in February 2021. Since the prediction, which means that Bitcoin has the same market value as gold, it has fallen from $ 50,000 to below $ 30,000, while the total value of the cryptocurrency market fell from $ 2.8 trillion to $ 1.2 trillion during the same period.

Zhu Su

According to CoinGecko data, Bitcoin (BTC), which has lost 4% in the last 24 hours, is trading at $ 28,445 at the time of writing.

Zhu Su, who previously advised his followers to take UST, apologized after the collapse of LUNA and UST in the past weeks.

Cryptocurrency markets total value continues to decline this week, down 6% before the weekend to $1.21 trillion. The low trading volumes in the last two weeks indicates that the downtrend continues, but slows down. On the other hand, the last 24-hour trading volume in crypto markets was low throughout the week, rising to $ 100 billion before the weekend. While a mixed trend has been observed in the top 100 cryptocurrencies since yesterday, 61 of them are now on the plus side.