CZ believes crypto winter is here to stay until 2026

2022-6-17 17:20

Speaking to Fortune, Binance CEO Changpeng Zhao (CZ) shared his thoughts on crypto winter and said he expects it to be a long one.

However, he added that as the losses and platform closures stack up, he prefers to focus on the positives of a market downturn. CZ said:

“I’m not debating that it is disastrous. It is bad.

But when this disaster is happening, there is also opportunity.”

Crippling crypto outflows sink token valuations

Since November 2021’s market top, over $2 trillion in capital has exited the crypto space, representing a 70% drawdown in total valuations.

Market leader Bitcoin is down 56% YTD and hovering close to the 2017 bull market top of $20,000. Analysis by Glassnode expects BTC to fall up to 64% from here, which would give a bottom price of approximately $7,500.

Meanwhile, @WatcherGuru tweeted that almost three-quarters of the top 100 projects are down by more than 90% from ATHs at current prices.

FUN FACT: 72 of the top 100 #crypto by market cap are more than 90% down from their all-time highs.

— Watcher.Guru (@WatcherGuru) June 17, 2022

According to CZ, the outlook is dire, but there is opportunity in the carnage. He said the situation is ripe to bring on board the best talent and acquire leading companies at rock bottom prices.

CZ sees opportunity in the bleakness

On Wednesday, CZ threw shade at the competition by tweeting that Binance is looking to fill 2,000 vacancies at the firm. Elaborating further, he said he wants to complete hiring by the year-end, which would increase its staff to 8,000.

Many crypto exchanges, including Coinbase, Gemini, and Crypto.com, have recently announced staff cuts to stave off the harsh trading conditions.

However, by keeping a tight reign on advertising spending, CZ implied that Binance is in a strong cash position and can hire when others are cutting numbers.

As crypto winter bites down hard, CZ described the situation as a necessary cull, in which weak projects die off, leaving only the strong, who will flourish when the good times return.

“Although it is painful for a lot of people, it weeds out the weak projects, and only the strong ones stay.

Everyone who lasts, who survives, will be stronger”

As for when that is, the Binance boss thinks the downturn could last for around four years, taking us into 2026.

The post CZ believes crypto winter is here to stay until 2026 appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

winter crypto 2026 until stay believes long

winter crypto → Результатов: 126


Фото:

New Web Extension Allows Users to Tip on Twitter With Bitcoin

Tippin, a Lightning Network (LN) platform, launched a Chrome extension that enables Google browser users to send Bitcoin payments on Twitter, EJ Insight reported on February 19, 2019. Lightning Twitter Tips Despite the incredibly cold crypto winter that has only recently started to slow down, the push for mainstream crypto adoption is also experiencing someRead MoreRead More.

2019-2-21 00:00


Where To Find The Most Profitable Cryptocurrency Coins To Mine During Bear Market Season?

A Miners Frosty Winter – How To Survive The Bearish Market As A Crypto Miner If the cryptocurrency marketplace hasn't been a merry and optimistic one for the average cryptocurrency investor, spare some thought for what the outlook is for the average crypto miner out there, especially for mining companies that deal with this on […]

2019-2-19 00:41


Prominent Crypto Twitter Contributor: Here’s All the Reasons to be Bullish during Bitcoin’s Bear Market

In the ongoing Bitcoin bear market which has been the longest one ever, there are plenty of reasons to be depressed about. This prolonged crypto winter is expected to remain unchanged in 2019. However, there are even more reasons to be bullish in this bear market that further indicates the next boom is coming, if […]

2019-2-18 00:30


Even During Nuclear Winter, the Largest Crypto Asset Manager Controls Nearly $1 Billion

Cryptocurrencies have continued to stumble, but one organization has been making promising strides in the back offices of the Bitcoin space.  Grayscale Investments, a wholly-owned subsidiary of the crypto conglomerate that is the New York-based Digital Currency Group, revealed that its products secured millions in investment amid the so-called “crypto winter.

2019-2-15 18:11


Фото:

What Crypto Winter? Ethereum Based MakerDAO Posts Staggering Growth

Ever since the crypto asset market began to express signs of onset bear market blues, investors have clamored for oases. While many have cast aside investments in decentralized application-centric platforms, like Ethereum and EOS, for Bitcoin to hedge their formerly-diversified portfolios, many have glossed over MakerDAO, a platform that exemplifies the decentralization and democratization of.

2019-2-14 17:12


Bitcoin Traders Turn to Derivatives in Droves: The Ultimate Sign of Crypto Winter?

Amidst the worst bear market in the 10-year history of the crypto market, Bitcoin traders have pivoted from long-term strategies to derivatives and options. According to a Bloomberg report, individual Bitcoin traders, as well as many initial coin offering (ICO) projects and investment firms, are engaging in over-the-counter (OTC) derivatives trading.

2019-2-13 16:35