According to an interview with Bloomberg, the crypto executive said that markets are normal for them to rise and fall. He also says that the cryptocurrency market appears to be operating normally.
It is common for markets to fluctuate, according to CZ. He added that stock markets are also experiencing wild price fluctuations. He pointed to Netflix, noting that the company’s stock, NFLX, has lost 69.85 percent this year.
Meanwhile, Binance is distinguishing itself by growing its team and hiring. Meanwhile, its competitors are reducing their staff levels. Binance CEO Changpeng Zhao said the exchange is doing well in spite of the current crypto market downturn. He attributed this to the fact that Binance has experienced three bear cycles so far. During bull markets, he stated that the exchange has learnt to be frugal.
Binance’s hiring emphasis, according to CZ, has translated into it being more involved in the recruiting process than with advertising. He said that the talent pool is larger now, because other companies are firing their employees. The bear market, in CZ’s opinion, is a good time for merger and acquisition transactions. He feels that Binance is taking advantage of every opportunity and is constantly seeking for new ones.
CZ also said that Binance is currently prioritizing initiatives that can assist individuals in gaining access to cryptocurrency. He also spoke of his investments in Forbes and Twitter, remarking that Binance is dedicated to keeping its promises.
Bear markets can hurt short-term cryptocurrency investors.
Many people were injured, according to CZ. He said that the collapse of the Terra ecosystem and Celsius Network has been a major sensation. Bull cycles attract many short-term crypto investors looking to profit, according to CZ. CZ believes that such firms are poor at managing operational risks, and downturns wash them out.
Celsius’ difficulties come as it struggles to get back on its feet, according to CZ. The cryptocurrency lending platform stopped withdrawals, swaps, and transfers on Sunday due to liquidity concerns. However, by continuing to prioritize its community interests, Celsius has yet to propose a solution.
On Monday, Celsius received an unsolicited offer for its business from Nexo, which was in a stronger financial position. Celsius has so far refused the offer, despite claiming to place a premium on its community’s well-being.
According to a Wall Street Journal report, Celsius has engaged bankruptcy attorneys from Akin Gump Strauss Hauer & Feld LLP so far. These attorneys are hired by the firm to suggest viable options for resolving its financial difficulties.