Last year, Zhou Wei left his position as financial director within the Binance crypto exchange. Currently, he is the head of the company fi mobile walletat and crypto Coins.phin the Phillippines. Wei acquired Coins.phat the beginning of the yeare, with the Indonesian giant Gojek on-demand service specialist. That said, the former financial director by Binance recently made predictions about the crypto market.
A very long crypto winter after the bankruptcy of FTX
FTX, a well-known crypto exchange, crashed dramatically in the past month. The bankruptcy came after he spent several days completely unable to respond to customer withdrawal requests. Many have predicted that the crypto sphere will have a hard time recovering from this, given the prominence that FTX had.
This is what Zhou Wei also thinks, according to an article reporting the interview given to the South China Morning Post on Wednesday. Indeed, during the interview, the former CFO of Binance declared : “ Basically, we all need to prepare for quite a long winter in the crypto world. “.
According to him, the bear market will last a long time and will be more full-bodied after the bankruptcy of FTX. ” This will push everyone into a deeper bear market said Wei. At the same time, the CEO of Coins.ph maintains that the upcoming regulations will be stricter. In this regard, several regulators have already announced their intention to regulate the crypto sector more harshly.
There is in particular Australia which has planned to put in place a stricter crypto regulatory framework from 2023. Last week, France also announced that it will analyze an amendment which could toughen the regulations on cryptos. However, at the same time, the number of projects in the crypto sector is constantly increasing. Around the world, consumers recognize the great value of the new industry.
You should know that not everyone thinks the crypto winter will get tougher in the coming months. Indeed, several analysts have lately declared that 2023 will be a good year for crypto. For example, Raoul Pal, the co-founder of the video channel Real Vision, predicted a bullish trend for the next year. The former Goldman Sachs executive added that the year 2024 will be ” extremely goodfor the digital asset industry.
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