When Bitcoin first emerged in 2017 its rates were soaring high and increased almost thirteen hundred percent. Many skeptic people labeled it risky and called it the most dangerous trend in history. Bitcoin has declined almost ninety percent in rates after its remarkable climb in 2017 this year. The recent slump may be the event that prominently labels Bitcoin to have an unsustainable market price.
The high profile members of the crypto community are advising investors to stay calm despite all the chaos and losses occurring in the market. This trend is not only affecting one cryptocurrency but is causing extreme sufferings in most of the cryptocurrencies.
Changpen Zhao, the CEO of Binance told Forbes that the current situation of crypto space is no different than the incident with Nasdaq in which Nasdaq suffered a loss of seventy-eight percent. He is certain that crypto space will rise from the ashes sooner than Nasdaq did.
He further added that the crypto market trend is here to stay, it won’t be going away any soon and the Blockchain technology is on its way to becoming a norm. Nasdaq and NYSE are running a crypto exchange. A lot of growth and activity in the industry. In such a rapidly growing industry loss is just a phase. He is very confident about the durability of crypto space.
He concluded that he sees the declining rates and can’t dismiss them but he is sure that the price will soon align with the value.