The cryptocurrency market is continuing on its 11 month consolidation pattern after a parabolic rise late last year, but, according to Binance CEO Changpeng Zhao, the next bull run is on the horizon.
Unlike many investors, the head of the world’s largest cryptocurrency exchange says he’s personally not concerned about current trends. He believes that something will “sooner or later” to trigger the bull run everybody’s been waiting for.
He added in an interview with CNBC that he doesn’t “really know how to predict which catalyst will be the trigger”.
Everything’s OK
He also discussed Binance’s trading volume. “Compared to January (2018) we are probably down 90%. So we only have one-tenth of the trading volume compared to what we had in January,” he stated. “But, compared to a year or two years ago, we’re still trading at massive volumes. Business is still OK, we are still profitable, and we are still a very healthy business.”
“Right now we are still signing up a steady amount of new users every day so from what we are seeing, it’s very healthy actually,” he continued. “The number of new users and the amount of crypto we hold are increasing very steadily. So if you look our cold wallets, the amount of BTC we hold, we have just seen an increase in people depositing Bitcoin to our exchange.”
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