Binance CEO Says Worst Of Crypto Crash “Probably Over”

By Weston Blasi

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Changpeng Zhao, CEO of Binance, says he does not expect any further major price drops for the crypto in the near future

This is Changpeng Zhao, CEO and founder of cryptocurrency exchange Binance, discussing the recent crypto price skid, which some are calling a full-scale crypto crash.

Zhao’s comments were documented by Coindesk crypto writer Sandali Handagama. The event had not released video of the panel speeches on Thursday morning.

Speaking at the invitation-only Point Zero Forum conference in Zurich, Switzerland on Wednesday, Zhao – a Chinese-Canadian executive commonly identified as “CZ” – said he did not expect to further significant price drops for crypto in the near future. , according to a writer covering the event.

On crypto exchanges and crypto lenders, Zhao reportedly warned that only companies that operate with sustainability in mind, not short-term customer incentives, will stand the test of time.

Related:Why is crypto crashing? Mark Cuban says “crypto is going through the lull the internet has had.”

“If you only get users because you use incentives to attract users, that’s not a real business model. Eventually you will run out of money and you will crash,” Zhao said, as reported by Coindesk writer Handagama on Twitter.

Zhao’s belief that the worst of the recent crypto slide is over would be a life raft for crypto bulls. On Thursday, bitcoin was trading just above $20,000 and was down 29.67% last month and 53.59% over the past three months. Also on Thursday, Ether was trading just above $1,000 and was down 43.84% last month and down 64.40% over the past three months.

See also: “There is no safe haven anywhere”: Crypto hackers are everywhere. Will the crypto crash make them even worse? A man tells how he was victimized

Last week, Binance halted bitcoin withdrawals for several hours on what the company called a “stuck transaction.”

Cryptocurrency lending platform Celsius also suspended withdrawals and transfers this month due to “extreme market conditions,” the company said.

Read more:Bitcoin Skids Below $20,000 in Minsky Moment for Crypto: “Psychologically for a lot of people it’s infuriating”

Recent crypto market conditions have not only led to a huge reduction in crypto prices, but also impending layoffs in crypto exchanges. Crypto exchange Coinbase (COIN) laid off 18% of its employees, and BlockFi says it plans to lay off 20% of its employees and Gemini plans to lay off 10% of its employees.

-Weston Blasi

 

(END) Dow Jones Newswire

06-25-22 1613ET

Copyright (c) 2022 Dow Jones & Company, Inc.

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Binance CEO Says Worst Of Crypto Crash “Probably Over”


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