Changpeng Zhao, CEO and creator of cryptocurrency exchange site Binance, says:
“I think the worst is probably over. We’ve seen a pretty significant drop.”
When examining the current price dip in the sector, which some are calling a full-fledged cryptocurrency crash.
On cryptocurrency exchanges and cryptocurrency loans, Zhao warned that only organizations that operate with long-term customer incentives in mind, rather than short-term customer motivations, will be able to withstand the test of time. time.
“It’s not a true business strategy if you only obtain consumers because you utilize incentives to entice them. You’ll eventually run out of money and crash ”
As Coindesk observes, Zhao has a point.
This Friday, the bitcoin industry is attempting to regain ground. Bitcoin is currently trading above $21,000, and Ethereum is trading above $1,100.
Binance temporarily banned BTC/USD bitcoin withdrawals last week.
Celsius also banned withdrawals and transfers last month, citing “severe market circumstances.”
