The cryptocurrency market has been in a bear cycle since the start of the year and the CEO of Binance, Changpeng Zhao is of the view that this year is a year of correction for cryptocurrencies. He made this statement during an interview with Bloomberg yesterday, December 19.
Market crash expected in a bear market
The CEO of the world’s leading cryptocurrency exchange stated that the cryptocurrency market is in a correction as the prices of Bitcoin and other cryptos dropped again early last month. He stated that the current price of cryptocurrencies presents a very strong attraction for speculators and he believes that the industry will grow soon due to the accumulation of builders who will develop applications and real uses cases that will help drive the further adoption of digital currencies.
Zhao was asked how the drop in prices has affected the plans of his crypto exchange, he stated that they have been able to launch a fiat exchange and are concluding plans to launch two or three more by next month. Binance is also planning to launch ten more of those exchanges by next year. He stated that “None of our plans changed, we are still pushing forward very aggressively.”
Crypto world wants regulation clarity
Zhao also talked about the increasing regulation and government involvement in the cryptocurrency sector. He stated that the cryptos sector “wants clarity, there is still too much uncertainty in many countries in the world.” He further added that the industry is looking for regulations that will promote innovation and not the ones that will hamper it. He concluded by saying that he is very confident in the long-term future of the industry.
Despite the bear market, Binance has experienced a year of growth. The exchange has expanded its activities beyond the traditional crypto exchange business. The innovating arm of the exchange, Binance Labs launched the Incubator Program back in August and the program graduated its first batch of blockchain projects. The selected projects received funding from Binance while also getting mentoring from them. Binance Lab also announced last week that it is expanding its incubator program to five other cities across the world.