Sunday, August 25, 2019

Changpeng Zhao Believes The Bearish Trend Of Cryptocurrencies Isn’t Over Yet

The current cryptocurrency winter has been brutal to the cryptocurrency industry as a whole from cryptocurrency giants like Steemit laying off more than half of its workforce to stay afloat to some cryptocurrency startups shutting down operations.

Reacting to the prolonged crypto bears cycle, Binance CEO Changpeng ‘CZ’ Zhao expressed his skepticism about whether or not the current Cryptocorrection phase is over.

CZ while speaking to Bloomberg, he explained that cryptocurrency as regards valuation is a field of speculation and its volatility should not come as a surprise. The blockchain entrepreneur brought to light things that will influence the cryptocurrency space in a longer term, which are killer applications.

The CEO expressing his doubts said;

I think the price is a powerful attraction for a lot of speculation, but the field is going to grow by builders, the guys who build applications and adds to the adoption of cryptocurrencies in the long-term.”

Last year, the intense hype about cryptocurrencies greatly improved the financial value of almost every cryptoasset, including leading cryptoasset Bitcoin, which establishment an all-time high near $20,000. Aside from that a lot of people sank their funds and cryptocurrencies into a series of new blockchain projects that promised to “revolutionalize” the cryptomarket with their killer apps.

The farce, however, did not last as a lot of these projects failed to create even an alpha version of their ambitious plans, in turn wasting crypto investors fiat money and digital tokens, the effect has reflected through the cryptomarket prolonged bear which has led many to say that it is dying.

Related Article:  5 Platforms That Help To Create and Send Cryptocurrency Invoices

Even with the harsh crypto cooldown, CZ believes that the cryptospace will survive, pointing out the presence of technologists that would evolve the cryptospace with the creation of their user-friendly applications. “That’s happening regardless of where the price moves,” the CEO added.

A Potential Bottom Formation

At present, the cryptoindustry is looking at a potential bottom formation after it recovered from approximately $100 billion to $128 billion within a week. Bitcoin cash surprisingly showed an extended upside recovery with other leading tokens like Bitcoin, Ethereum together in vision.

The technical Indices of the present cryptowinter put digital tokens in an oversold region, which shows that the upside action is nothing but a quick reaction of cryptotraders exiting their shorts.

The leading cryptoasset Bitcoin is predicted to create a double bottom during the next wave of selling which according to Bloomberg, could even witness a crash towards $1500.

The entrepreneur has however expressed his optimism for next year’s cryptomarket, stating that his company will launch 10 more fiat-enabled cryptoexchanges across the world.

None of our plans changed, we are still pushing forward very aggressively”, the CEO confirmed.

More Articles

Coinbase Introduces Cryptocurrency Custody Services

Coinbase, one of the biggest US-based exchanges, has announced a major breakthrough in their service offer: they have started a cryptocurrency custody service, known...

First Cryptocurrency Law Firm in Canada Welcomes Global Clients

Cameron-Huff, a technology lawyer on January 3 launched the first cryptocurrency law firm in Canada. The date corresponds with Bitcoin's 10th anniversary, and based...

Japan’s Shipping Company Plans to Pay Crew Members With...

A shipping company in Japan, Nippon Yusen KK has made plans to pay its crew members using digital currency. This is a digital asset...

Californian Company Joins Other Home Listings in Accepting Bitcoin

Following the increasing number of escrow companies on the market list who continue to adopt cryptocurrencies and the blockchain technology, Glen Oaks Escrow, another...

Indian Politician Arrested Over $1.3 Million Bitcoin Extortion

A former member of the Legislative Assembly of India and a member of the ruling political party Bharatiya Janata Party (BJP), Nalin Kotadiya has...

Gemini Exchange Improve Its Wallet, Implementing Full Support For...

Gemini exchange owned by the popular crypto Winklevoss twins has improved its wallets with the full support of segregates witness (SegWit) addresses...

Blockchain Race: Taiwan Healthcare Sector Hops Into Blockchain For...

Taiwan healthcare sector adopts blockchain technology for efficient management. The adoption brings the Taiwan health sector to join the list of countries that have...

Venezuela to Use Petro for Funding House Construction for...

Minister of Habitat and Housing in Venezuela, Ildemaro Villarroel, has declared that the nation's administration is planning to use the national cryptocurrency, Petro, to...

How to Sign Up to Bitcoin

Bitcoin is notoriously known for its volatile nature as its price fluctuation cannot be predicted. Many investors have made a lot of money through...

21-Year-Old Tries To Sell ICO For $60,000 on eBay

2017 was a good year for many due to Initial Coin Offerings (ICO) at that time which could make anyone rich within...

EOS’ Dan Larimer To Launch New Token

The crypto community will soon receive a minor boost during this period of crypto cool down, as Dan Larimer, one of the developers who...

Market “Correction”: Rumors Of Big Crypto Being Classified As...

Today, the cryptocurrency market has experienced a new drop in the middle of an upward rally that has taken the market value up by...

Latest Articles

Why Some Financial Bubbles Are Necessary Economic Disasters

Microsoft 70-411 Exam: Everything You Need to Know

We can’t deny the fact that the world is moving towards the future faster than ever before. Not a day goes by that we...

Why US-based people can’t bet with bitcoins at online...

Online gambling using bitcoin has been happening since the time when cryptocurrency came into being. In the initial days, gamblers used to opt for...

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...

How To Shop on Amazon with Bitcoin – Step-By-Step...

Wondered how to shop on Amazon with bitcoin? Then here's how you can purchase goods on one of the largest e-commerce websites that ships...

How To Buy Bitcoin On Coinbase – Step-By-Step Guide

Buy Bitcoin on Coinbase instantly in the U.S., UK, Canada, or anywhere you are globally. Coinbase cryptocurrency exchange has enabled its customers buy the...

Grayscale Bitcoin Trust Boosts By 300%, Affects Oil &...

The institutional investment product, Grayscale Bitcoin Trust (GBTC), experienced a growth of more than 300% due to its outstanding performance since February, Forbes reports....

How To Create A Coinbase Account – Step-By-Step Guide

Create a Coinbase account with ease. Use this illustrative guide to create a Coinbase account for buying, selling, and storing cryptocurrencies. And you know...

$9.2 Trillion Transferred Using Bitcoins In 2.5 Years

Against present belief that bitcoin is only used for speculation, James McDowall, a crypto investor and advisor shared a metric about Bitcoin that's been...