Changpeng Zhao, a cryptocurrency company, believes the Bitcoin bear market trajectory will be beneficial for the crypto market in the long run. A bear market is a persistent decrease in investment costs. According to Zhao, a bear market in regular intervals is healthier in the long term than a constant upward trend for cryptocurrencies. He also stated that there has been significant progress in a positive direction.
Zhao spoke with Messari CEO Ryan Selkis about his four-year crypto market cycle. In November 2021, BTC reached its last all-time high (ATH) around the price point of $68,000 (roughly Rs. 55 lakh) ten months later, BTC is trading at $19,406 (roughly Rs. 15.7 lakh) amid Russia''s war with Ukraine, rising oil prices, and interest rate rises in the United States several investors have withdrawn from Bitcoin and other cryptocurrencies.
According to Decrypt, token prices should be examined by investors as proof of how the cryptocurrency market is performing.
Crypto is so early. We''re not in a saturated market. We have actually seen a lot of progress in the right direction for regulatory frameworks, according to Zhao.
In a recent conversation with Gadgets 360, the research group at CoinDCX emphasized that this year, the average miner income reduced multi-fold, affecting BTC''s hash rate.
Bitcoin miners expected a good year in 2021, when the miner revenue reached $4.8 billion (roughly Rs. 38,900 crore) but has since reduced the average miner revenue, partly due to increased ASICs, thus increasing the difficulty levels and making mining less profitable.
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Average Daily Miner Revenues have decreased three quarters in a row, slashing 27 percent, 22 percent, and 33 percent in Q1, Q2, and Q3, respectively.
In light of rising energy expenses, industry insiders anticipate that BTC mining levels may remain lower for an extended period.
While Zhao recommends that Bitcoin investors remain patient, Micheal Saylor, the co-founder and chairman of MicroStrategy, has reportedly predicted that BTC would revoke $500,000 (roughly Rs. 4 crore) in the next decade if it matches gold market capitalization, and its price will rise to $69,000 in the next few years.