The bear market is affecting the operations of many firms however KuCoin’s CEO believes it’s only short-term.
KuCoin CEO Johnny Lyu, revealed in a current interview that he believes the bear market is short-term.
The bear market has been in play for the previous few months, with most cryptocurrencies down by greater than 60% from their all-time highs. When requested about his ideas concerning the bear market, Lyu mentioned;
“The impending global economic crisis is definitely impacting the overall situation on the crypto market and is fueling a correction period, which is quite natural for any financial market where periods of stability are combined with periods of price drops and hikes. In the more than 10 years since the appearance of Bitcoin, the market has experienced several rounds of ups and downs. But after each bottom, the crypto market was greeted by a bull market. Therefore, the market downturn is temporary, and the future must hold an upward market.”
Lyu added that solely tasks with wonderful use circumstances will survive the present bear market. He mentioned;
“No matter whether it is in the era of Web-1.0, Web-2.0 or Web-3.0, the laws of the market have always been “the Great will win” and “the survival of the fittest”, and the crypto trade isn’t any exception. There’s additionally a robust chance that the overwhelming majority of cryptos will disappear sooner or later. As per the market’s survival code, solely tasks with a robust consensus basis, a aggressive group, and functions which are simply wanted, will stand a excessive likelihood of surviving.”
The CEO revealed that the alternate is planning to develop its presence in India.
He mentioned , KuCoin recruited Indian specialists and established communities within the nation in a bid to offer higher providers for native customers. Concerning their efforts in India, Lyu mentioned;
“We are actively cooperating with local crypto companies, like Bitbns, and the popular video app – Chingari. As the COVID-19 pandemic hit India, KuCoin initiated a Special Charity Fund in April 2021 with a Rs 10 million donation to a local NGO to address the challenges encountered by Indian citizens.”
KuCoin is among the main cryptocurrency exchanges on the earth, with a day by day buying and selling quantity of over $1 billion.