Binance CEO Praises Bear Market and Winter Crypto and Explains Why!

Binance CEO Praises Bear Market and Winter Crypto and Explains Why!

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Answer Binance CEO Praises Bear Market and Winter Crypto and Explains Why!

In a recent interview with CNBCChangpeng Zhao, CEO of Binance, told Business Insider that the industry is actually in a much better place now than it was nine months ago, when bitcoin and altcoins were at record levels.

Where he stated:

I actually think now that the industry is much healthier than it was six or nine months ago…the people who build real apps stay in the industry.

CZ explained that cryptocurrency has attracted a lot of non-believers into the space who are most likely just speculators, and that this should not happen on a large scale.

According to him, continuous correction is inevitable.

Read:Binance platform launches 8 new projects targeting the most important problems of the cryptocurrency industry

CZ added:

Markets usually excel in both directions.

The total cryptocurrency market cap peaked at nearly $3 trillion in early November, with the price of Bitcoin soaring to $69,000.

This was followed by a brutal collapse caused by unfavorable macro conditions.

Things got worse for cryptocurrencies after the collapse of Project Terra, which led to a negative contagion in the market.

The internal collapse of one of the most prominent names in the crypto industry created a domino effect and brought down other big players such as “Three Arrows Capital.”

CZ is convinced that the cryptocurrency market should only attract tech-savvy believers.

He noted that a little re-correction is healthy.

Now that the market has collapsed, investors have a long-term view.

CZ recently played down the importance of Tesla’s bitcoin sale, claiming that the $936 million bitcoin sale that the company sold from the electronic car maker will not affect bitcoin’s fundamentals.

Read:Dasa: Low-income investors sold most of their cryptocurrency holdings during the market crash

Read also:

Bitcoin touches $24,000 and Ethereum hits $1,700 after announcing the second consecutive decline in US GDP.

US Dollar Index Shows Signs of Weakness… Is It Time for Crypto Rise?

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