News
Bitcoin Could Take Years To Recover From Monumental Crash, Binance Head Says
The founder of the largest cryptocurrency exchange, Changpeng Zhao, predicted Guardian After having wiped out more than $2 trillion from the total cryptocurrency market.
When Terra’s UST stablecoin lost its peg against the dollar and its sister Luna lost more than 99 percent in value, the cryptocurrency began to decline. The Celsius cryptocurrency then fell, while others were brought down with it.
“I think it will probably take some time to come back, given this price drop, from the all-time high of 68k to 20k. It will probably take a few months or a few years,” Mr. Zhao said, but The saying that “no one can predict the future”.
Bitcoin is currently trading at $20,490, a price considered “too low today”, Mr. Zhao said. “But you know, in 2018, in 2019, if you told people that bitcoin would be 20k in 2022, they would be very happy. In 2018-19 bitcoin was $3,000, $6,000.
He continued: “If you look down [of bitcoin], now it is higher than the last summit. So, normal or not, I think the industry is definitely still growing, price volatility is normal. ,
Many experts have predicted a ‘crypto winter’ in which big technology companies like Coinbase have turned down job offers despite making millions in profit.
Mr. Zhao said some companies may struggle to grow during the fall, but Binance, which has been banned from regulated financial activities as the Financial Conduct Authority in the UK, is still developing.
“Right now, it definitely feels like a lot of projects are bound because once you hit an all-time high, all the projects spend money like they were always going to be at that high. So now that this When it falls, it’s like it’s winter. But the projects that have conserved cash, we’re still fine, we’re still hiring, we’re still growing.”
