Changpeng Zhao, Binance's CEO, has called Bitcoin's bear market a success for crypto future

Changpeng Zhao, Binance's CEO, has called Bitcoin's bear market a success for crypto future ...

Changpeng Zhao, the bitcoin bear market, will help the crypto market in the long run. A bear market is a long-term consequence of a diversified market index falling by 20 percent or more from its high price. As per 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 for regulatory frameworks.

Zhao was in conversation with Messari CEO Ryan Selkis when he said a four-year crypto market cycle is normal. 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lakh) amid Russia''s war with Ukraine, rising oil prices and interest rate rises in the United States several investors withdrawn from Bitcoin and other cryptocurrencies.

As per Zhao, investors should look at token prices as signs of the progress the crypto market progress, according to Decrypt.

Crypto is so early. We''re not in a saturated market. We have actually seen a lot of progress in the direction of regulatory frameworks, according to Zhao.

In a recent conversation with Gadgets 360, a researcher at CoinDCX stated that this year, the average miner revenue decreased by threefold, causing the BTC to increase its hash rate.

Bitcoin miners enjoyed a good year in 2021, with the miner revenue reaching $4.8 billion (roughly Rs. 38,900 crore) compared to the previous year, partially due to improved ASICs, which increased the difficulty levels and making mining less profitable.

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Average Daily Miner Revenues have decreased three quarters in a row, resulting in a 27 percent, 22 percent, and a 33 percent decrease in Q1, Q2, and Q3 2022 respectively.

In light of rising energy costs, industry insiders anticipate that BTC mining levels might remain stable for an extended period.

While Zhao recommends that Bitcoin investors remain patient, Micheal Saylor, the co-founder and chairman of MicroStrategy, claims that BTC would reach $500,000 (roughly Rs. 4 crore) in the next decade if it matches gold market capitalization, and its price will reach $69,000 in the next few years.