Thu 22 Sep 2022 ▪ 14:00 ▪
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The bear market has capsized, even sunk, several ships in the vast crypto ocean. While some projects had to file for bankruptcy, others saw their value revised to more than half of their ATH. Such is the case with bitcoin, ether, and other altcoins. As a corollary, the bear market has claimed many victims among investors, collateral damage. In Changpeng Zhao’s eyes, this is all quite a lot.” normal Because bear claws will certainly drive the cryptocurrency market in the long run.
Does CZ expect an imminent bullfight?
For Changpeng Zhao, the bear market is a must for a crypto market yet” young man “.” Price corrections are a good thing “, he said during a recent exchange with Ryan Selkis, CEO of Messari at last Wednesday’s Mainnet conference.
The end of a market cycle that lasted more than 4 years is the most normal thing according to the CEO of Binance. Nothing more logical and more healthy than the crisis we are currently going through. Also, a confinement Endless will surely have a negative impact on the entire crypto ecosystem.
As advice, he offered:
- not relying on current token prices to describe the cryptocurrency market situation;
- focus instead on the number of users who buy and use these assets;
- and highlight emerging blockchain and Web3 projects.
Are we not witnessing the achievement of a historical record How many addresses have more than 1 BTC lately? the Ethereum mergerWasn’t it a success despite the crisis? apparently the Shiba Eternity of Shiba Inu and his Shib: The Metaverse they were not hampered by it. The list is still long.
Only positive in the bear market?
From the perspective of a visionary like Changpeng Zhao, the bear market clean up the cryptocurrency industry. Because it not only favors the emergence of innovative projects in the sector, but also accelerates the regulations of these goods. This is particularly the case for regulators in the United States (SEC and CFTC) who do not stop debating their classification as “ values ” Where ” estate “.
” In fact, we have seen many positive developments in regulatory frameworks. […] There are cryptocurrencies that are similar to securities, and maybe similar to commodities, and similar to currencies, but bitcoin does all three. CZ noted.
In other words, despite these advances, there is still a long way to go for regulators. Because some current legal frameworks seem inadequate. Therefore, the CEO of Binance invites governments to create, among other things, a new category of assets based on blockchain. The latter being ” a new asset class itself and also new data transfer technology “.
In any case, the optimism shown by CZ regarding the bear market It will surely rekindle the flame in the hearts of crypto investors. By evoking the 4-year cycle for the market, isn’t he setting us up for an imminent end to the crisis?
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The blockchain and cryptocurrency revolution is underway! And the day the impacts are felt in the most vulnerable economy in this world, against all hope, I will say that I had something to do with it.