The world’s leading crypto exchange BinanceChangpeng Zhao, founder and CEO of Cryptocurrency, stated that the ‘crypto winter’ may continue for a long time as crypto markets face one of the biggest declines ever.
The Binance CEO made a remarkable statement noting that the industry typically experiences a four-year cycle with a two-year bull run and a two-year bear market.
In the past seven months, the crypto market has lost $2 trillion in total capital. This loss plunged its market value below the $1 trillion mark.
The world’s largest cryptocurrency by market value bitcoin, became one of the worst affected and was at the head of the great collapse. Its value has dropped 56% since the start of the year, and at its current value of $20,000, it’s just a little off from its highest value during the 2017 bull market run.
According to data from Glassnode, Bitcoin is in a scenario where its value could drop another 64%, and the worst is yet to come. This could cause the price of the asset to drop below $10,000.
Despite all these developments, Binance CEO continues to be confident and positive.
“Of course I won’t argue whether it’s a disaster right now, the situation is really bad. But while all these disasters happen, opportunities also arise.”
These opportunities help companies with great potential, especially strong investors, to buy cheaper.
Binance Seeks Opportunities In Chaos
CEO CZ’s stance explains why Binance has hired to fill nearly 2,000 roles on the exchange.
Binance has also made some interesting advances and partnerships in recent weeks. Recently, it announced that Triple A has the global crypto payment gateway for Binance Pay.
The firm also announced a $500 million fund that it will use to support Web 3 projects.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.