Bitcoin and other crypto holders have been waiting for the coming Bull Run all year.
They hope that BTC prices would hit or exceed their highest level of $20,000 like last year. However, this has not happened. In fact, the prices have been plummeting all year. Thus far, the prices have down by almost 70% from their highest level. Other major crypto coins such as XRP and ETH have lost almost 80% of the value they gained during the last Bull Run.
Binance CEO Is Upbeat
Changpeng Zhao, the CEO of Binance is quite upbeat about crypto.
He said that another Bull Run would happen eventually. He added that though he was not sure what would cause the Bull Run, he was certain that it would occur. According to him, at some point, something is going to trigger the Bull Run. BTC prices have been falling hard this year. However, there is hope that this will soon change and the prices will climb once again.
Zhao, often called CZ, said that BTC and crypto trading on Binance had fallen by 90%. This is huge since the exchange is the largest in the world by volume. However, CZ was still sure that the market was healthy.
This was in comparison to the highest trading volumes they had seen, which took place in January.
Since then, CZ and Binance had seen only a tenth of those volumes. However, when compared to about two years ago, the volumes are quite huge. He added that the business was doing well and they were still making a profit.
The highly anticipated cryptocurrency Bull Run will come as good news for Bitcoin casino players as well, knowing that the entire online gaming industry still has its hopes high that this unique, but at the same time highly convenient and trustworthy method of payment will get back to its old glory.
User Activity
CZ noted that the number of active users had gone up and BTC deposits had risen during the year. Binance was also planning to expand its platform to institutions.
This is in anticipation of money that most people are hoping will soon start pouring in from large institutions. The industry is also expecting rich people to start investing in crypto. In a recent post published on Medium, Binance laid out the plan it has for institutions joining the crypto world.