- Binance ex-Chief of Strategy Gin Chao said that now is a good time to establish a crypto portfolio.
- According to Chao, the current crypto winter is part of a cycle that repeats itself every 18-24 months.
- Bitcoin mining firms are alleged to be capitulating en masse.
Gin Chao, Binance’s former Chief of Strategy, announced in an interview with Forkast News that now is a good time to establish one’s crypto position.
Read CRYPTONEWSLAND on
google news
According to the interview, Chao believes that the current market sentiment is akin to the bear market of 2018 to 2019. He said:
“At a very macro level, this cycle that we’re entering — depending on how you start the clock — we’re about one to two quarters into what I call the fifth sort of major cycle. This is very similar to mid-2018, late 2018, into late 2019.”
Chao’s statements came from his experience in Binance. Specifically, he said that some of their most successful investments at Binance Labs came from the previous crypto winter. Furthermore, he assured that the current crypto winter is part of a cycle that repeats itself every 18 to 24 months.
At the moment, Chao is affiliated with CVP NoLimit Holdings, a venture capital fund that he co-founded.
Meanwhile, Binance CEO Changpeng Zhao posted a cryptic tweet with a blank, which others have assumed to have meant ‘bottom’.
While predicting the bottom is impossible unless done in retrospect, a number of indicators similar to the previous crypto winters have appeared.
Firstly, there is a massive capitulation happening among crypto miners, including publicly listed mining firms. Secondly, people have started noticing that high-capitalization cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are being taken off exchanges.
Recommended News :
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
