Binance CEO called timeline for the bitcoin rate to return to all-time high

According to Changpeng Zhao, it will take a few months to two years for the first cryptocurrency to do this

24.06.2022 - 13:50

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2 min

What’s new? Changpeng Zhao, CEO of the cryptocurrency exchange Binance, believes that the price of bitcoin will be able to return to its all-time high (ATH). In his opinion, the first cryptocurrency will need “a few months or a couple of years,” to recover to a record high of $69 044 recorded on November 10, 2021. He said this to The Guardian.

Information on The Guardian website

What else does Zhao say? The head of Binance noted that projects that were created at the peak of the digital asset market could have problems if there is a crypto winter, a prolonged decline in exchange rates for most currencies. The total capitalization of the crypto market fell from more than $3 trillion in November 2021 to $987 billion on June 24. Zhao added:

“Right now, it definitely feels many projects are in a bind because once you get to an all-time high, all the projects spend money like they were always going to be at that all-time high <...> But for projects that have conserved cash, we’re still fine, we’re still hiring, we’re still growing.”

Earlier, Zhao called crypto winter a good time for the exchange's development. Binance has already opened 2 000 new jobs.

Between June 12 and 18, the search query for “bitcoin dead” scored a maximum number of scores (100/100), according to Google Trends. On June 18, the price of BTC fell below $20 000 for the first time since December 2020, marking the first time in the asset's history that its value fell below the previous cycle's high.

As of June 24, 2022 12:40 UTC, the asset is trading at $21 282, having added 3,2% in a day. The weekly gain was 1,82%, according to Binance.

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