For many crypto industry analysts, the bear market is far from over. They warn that the next few months should see more violent tremors in the sector. There is currently a kind of panic that is causing crypto users to prepare for a difficult time. More and more market participants are withdrawing their cryptos from centralized exchanges to keep them themselves. At Binance, we also expect the arrival of a freezing winter in the markets and we are preparing for it.
Towards a worsening bear market?
Crypto prices will continue to dig into the charts over the next few months. CZ, the CEO of crypto exchange Binance, reportedly said in an internal memo, according to reports. information provided by Bloomberg. The official, however, assured his aides that the world’s largest crypto exchange will not collapse. According to our source, he also asked them to prepare to face a ” hard time “.
“Although we expect the next few months to be bumpy, we are going to get through this difficult period. Then we will be stronger for having crossed it”reportedly wrote CZ, according to Bloomberg.
The short-term outlook for crypto markets is so negative that users are preparing for the worst. In recent days, there has been a big wave of withdrawals of assets from exchanges. Binance is one of the biggest victims of this crypto exchange rush. On Wednesday, Nansen showed that users withdrew $1.9 billion worth of crypto in just 24 hours. Also according to the analytics platform, over the past seven days, users have withdrawn $3.7 billion.
CZ tempers and indicates that the situation will not affect the existence of Binance. He vouches for the solid financial position of the exchange and wrote it in the memo. “Rest assured, this organization was built to last”he concluded.
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