At present, crypto market is in ruins; the type of reversal everyone is hoping for is nowhere to be found. There have been bear market runs in the past, and there have been corrections, too, but this time around, it seems like a permanent thing. Not only the flagship cryptocurrency Bitcoin is under pressure but also many other altcoins; crypto market has lost almost half of its market cap in the past year only.
The CEO of the centralized crypto exchange Binance went on record to share his insights, and he chipped his own two cents into the matter. He thinks that the crypto market was brought down by the speculators, people who didn’t have any interest or liking for the market or the idea of decentralization but were in it for their own personal gains. These people have brought the crypto market to the brink of becoming extinct and non-functional.
Speculators are the people who are in it for their own personal gains, and they don’t really care about bull or bear runs as long as they are making money, said the CEO of Binance. In another interview, he also said that he is strongly rooting for a reversal, but one doesn’t seem to be in effect anytime soon.
No Place for Speculators in Crypto Market
He further argued that these are the speculators who have made the crypto market reach its present stance. It would be an incredible development if these people could just leave the crypto market as is, and only the believers, people who have some faith in the decentralization and the crypto market, should approach it. The statement comes out as a bit rude to many people as speculators are the key element in sustaining the activities of any financial sector.
A reversal, according to many crypto analysts, is imminent, but it won’t come with these kinds of statements making their way on the internet. There isn’t really anything that can be done now; it is all up to the interchanging cycle of bear and bull markets to sustain the ferocious activities of the crypto market once again.