We have seen a drop. Changpeng Zhao, CEO and founder of Binance, talked about the recent skid in the price of digital currency, which some are labeling it a full-scale crash.
The comments of Zhao were documented by Coindesk - Writer Sandali Handagama. As of Thursday morning, the event had not released the video of the panel speeches.
Zhao, a Chinese-Canadian executive known as CZ, said he doesn't expect major price drops for criptocurrencies in the near future, according to a writer covering the event, while speaking Wednesday at the invite-only Point Zero Forum conference in Zurich, Switzerland.
Zhao said that only businesses that operate with sustainability in mind, and not short-term customer inducements, will stand the test of time.
Why is criptocurrency crashing? Mark Cuban says that cryptocurrencies are going through the lull that the internet went through. If you only get users because you're using incentives to attract users, that is not a real business model. According to Handagama, Zhao will crash when you run out of money, according to Coindesk writer Handagama on Twitter.
Zhao s belief that the worst of the recent plunge in criptocurrency would be a life raft for the bulls. The last month, the last month, it was just above $20,000, and it is down 29.67% and down 53.59% over the last three months. ETHUSD was trading just above $1,000 on Thursday, and has seen a 43.84% decline in the last month and a 64.40% decline over the last three months.
There is no safe haven for Cryptocurrencies everywhere. Is the crash worse than the ones we saw in criptocurrency? One man tells how he fell victim.
Last week, Binance stopped withdrawals ofBTCUSD, for several hours over what the company called a stuck transaction. The platform Celsius stopped all of its withdrawals and transfers this month because of extreme market conditions, according to the company.
This is galling and recent crypto market conditions have resulted in a number of layoffs and slashed prices at the exchanges. The Coinbase COIN laid off 18% of its employees, BlockFi plans to lay off 20% of its employees, and Gemini plans to lay off 10% of its employees.