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Similarly, comparing the market collapse this year with the bear market in 2018, he argued that the main difference lies in the system’s leverage, which is higher this time around.
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Cited As stated by Coindesk journalist Sandali. We’ve seen a very sharp decline,” was Zhao. “I think the worst part is probably over. But the projects that have conserved cash, we’re still fine, we’re still hiring, we’re still growing.” Speaking at the Point Zero forum in Zurich on Wednesday, the Binance chief referred to the crypto winter that has seen bitcoin lose 56% in value this year. Zhao says, “Right now, it definitely feels like many projects are bound because once you hit an all-time high, all projects end up spending money like they were always going to be at that highest level.” ” “So now that it’s fall it’s like it’s during the winter. In market turmoil, there are more transactions on the blockchain and many blockchain nodes fail.”įor Zhao, problems in the crypto space will continue for some projects that were conceived during the most recent crypto boom. Regarding market volatility, the Binance CEO said: “I don’t think it is a pure coincidence. This happened when Celsius Network stopped all deposit withdrawals to its customers to avoid bankruptcy. In the UK, Binance has been suspended from operations since June 2021 after the Financial Conduct Authority concluded that the company was “not able to effectively supervise.”īinance suspended bitcoin withdrawals for a few hours on June 13, citing “stuck on-chain transactions”. They send us questions, we answer them with investigations or not.” “We talk with all the regulators around the world. He only said that his company maintains contact with regulators in all countries where the platform operates. The platform was alleged to have violated securities regulations in 2017 in relation to the issuance of an initial coin – used by companies to raise funds – its BNB token. Zhao refrained from commenting on a report published by Bloomberg that said Binance is being investigated by the United States Securities and Exchange Commission (SEC), the US financial regulator. So, normal or not, I think the industry is definitely still growing, price volatility is normal.” “If you look down, now it is higher than the last summit. When asked whether the current volatility of BTC and other cryptocurrencies is normal, Zhao said: But it hasn’t broken the $22,000 mark in the past two weeks. According to CoinMarketCap, bitcoin was trading at $21,294.65 on Friday at 10:01 (GMT-4).