Throughout its history, the cryptocurrency sector has experienced a number of bear markets. However, because of growing value and acceptance, this current bear market was expected to be more damaging than the previous ones. This, together with the rise in bankruptcies, gave the cryptocurrency community serious cause for concern. However, when CZ ensured the platform’s survival, Binance gave the market some relief.
The CEO of Binance, Changpeng Zhao, noted that the exchange is in a healthy financial position in a recent memo to his team. The exchange says “will withstand any crypto winter,” he added in further assurance.
Given the conditions of the current market, CZ highlighted how the industry is undergoing a “historic moment.”
Furthermore, elaborating on the future of the firm, CZ wrote:
“While we expect the next several months to be bumpy, we will get past this challenging period – and we’ll be stronger for having been through it.”
As seen over the last couple of months, the bear brought down a plethora of well-established projects. Binance, however, managed to thrive through this. At press time, Binance took over as the world’s largest crypto exchange in terms of the trading volume. With a daily volume of $15,997,326,455 and a 75% surge over the last 24 hours, the exchange was ranked 1. Coinbase stood second with its daily trading volume at $1,865,198,992.
Will Coinbase survive the crypto winter and continue to “shine”?
Similar to CZ, Coinbase CEO Brian Armstrong wrote a memo to his workers. Employees voiced worry as Coinbase’s shares hit a record low. Armstrong was, nevertheless, very upbeat. “This is our opportunity to shine – and it is a confirmation of the strategy we have pursued over the past ten years,” he writes in the memo. It was not always simple because we observed competitors flouting the law and skyrocketing in worth and media attention.
In addition to this, the Coinbase chief revealed that it would “serve as a leader” to aid the industry in getting back on its feet. It should be noted that this memo was written in light of the large withdrawals that were taking place on Binance. He added,
“We don’t know exactly how this will play out, but let’s be prepared to serve our customers…during this potentially volatile period.”
