In May, after the market crashed, there was not a single cryptocurrency or stable coin that was spared by the effects of the avalanche. All the digital assets including the world’s best cryptocurrency Bitcoin plummeted. The market fall wiped billions of dollars of the investors and the situation of the market is no good either. The market crash is prolonging and some crypto experts believe that the market is entering the phase called “Crypto Winter.”
Bitcoin, which was the highest capitalized cryptocurrency in the world also plummeted. The cryptocurrency first lost at least 55% of its value and as the market crash is going to another level, the value of bitcoin is going down even further. The value of bitcoin is reduced by at least 70% from its peak in November. The most recent trading value of bitcoin is $20,877.
Binance’s CEO about Bitcoin.
The largest crypto exchange’s CEO Changpeng Zhao remarked that, the value of cryptocurrency plummeted to such an extent that regaining its value to resemble its value at peak would take at least a couple of years. He claimed that, Bitcoin could possibly stay below its historical high of $69,000 for the next two years.
The CEO also claimed that, if the investors from 2017 or 2018 would have been informed that the price of the cryptocurrency would be trading around $20,000, they would be elated. As the trading price of the cryptocurrency in 2018 and 2019 was merely $3000 and $6000.
Zhao’s beliefs about current market fluctuations.
When Zhao was put in focus to discuss about the crypto market fluctuations, he responded saying that, “If you critically analyze the market, the fluctuation is higher than the last years peak. So, whether normal or not, I certainly feel that the industry will continue to grow and develop, and the fluctuations of price in the industry is normal.”
Crypto Winter’s effect on the market.
Zhao commented about the Crypto Winter’s effect on the market. In his comments, he tried to put focus on the industries and crypto companies, who put all their money in the projects during the peak of the market, expecting the market to be at peak for the longest time. So, when the market plummets, the felling around the market is that Crypto Winter is here. But, there are certain industries and companies like our, who converted the projects into cash when the time was right, and that’s the main reason we are still growing, hiring and doing fine even in a market situation like the one prevailing in the market.