Changpeng Zhao, Binance's CEO, believes Bitcoin's Bear Market is beneficial for Crypto Future

Changpeng Zhao, Binance's CEO, believes Bitcoin's Bear Market is beneficial for Crypto Future ...

Changpeng Zhao, the CEO of Binance, believes that the Bitcoin bear market trajectory will be beneficial for the crypto market in the long run. A bear market is a prolonged rise in investment prices. According to Zhao, a bear market in regular intervals is healthier in the long term than a constant upward trend for cryptocurrencies. He also believes that regulatory frameworks have made significant improvements.

Zhao was in conversation with CEO Ryan Selkis during a four-year crypto market cycle. In November 2021, BTC surpassed 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 and other imported amenities, and interest rate rises in the United States, many investors have resigned from Bitcoin and other

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

Price corrections are effective. 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 research group at CoinDCX stated that this year the average miner revenue reduced multiple-fold, affecting BTC''s hash rate.

Bitcoin miners celebrated the year 2021 with an increase in the hash rate, partly due to improved ASICs, which resulted in higher difficulty levels and making mining less profitable. According to the CoinDCX team, the average miner revenue has significantly decreased.

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

In light of rising energy expenses, industry insiders anticipate that BTC mining levels would continue to fall 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 touch $500,000 (roughly Rs. 4 crore) in the next decade if it matches the market capitalization of gold, and its price will reach $69,000 (roughly Rs. 55 lakh) sometime in the next few years.