The bear market is affecting the operations of many companies but the CEO of KuCoin believes that it is only temporary.
KuCoin CEO Johnny Liu revealed in a recent interview He believes that the bear market is temporary.
The bear market has been going on for the past few months, with most cryptocurrencies down more than 60% from their all-time highs. When asked about his views on the bear market, Lew said;
“The impending global economic crisis is certainly affecting the overall state of the crypto market and prompting a correction period, which is quite natural for any financial market where periods of stability are accompanied by periods of falling and rising prices. In the more than 10 years since the appearance of bitcoin, the market has experienced several rounds of ups and downs. But after each bottom, the crypto market was greeted by a bull market. The decline is temporary, and there should be an uptrend in the future.”
Liu added that only projects with excellent use cases will survive the current bear market. he said;
“No matter whether it is in the era of web-1.0, web-2.0 or web-3.0, the laws of the market will always “great win” and “survival of the fittest”, and the crypto industry is no exception. There is a strong possibility that most cryptos will disappear in the future. According to the Survival Code of the Market, only projects with a strong consensus foundation, a competitive team, and the necessary applications will have a high probability of survival.”
The CEO revealed that the exchange is planning to expand its presence in India.
He said, KuCoin recruited Indian experts and established communities in the country to provide better services for local users. About his efforts in India, Liu said;
“We are actively collaborating with local crypto companies, such as BitBans, and the popular video app – Spark. After the COVID-19 pandemic hit India, KuCoin launched a solution to the challenges faced by Indian citizens in April 2021. To start a special charity fund with a donation of Rs 10 million to a local NGO.
KuCoin is one of the world’s leading cryptocurrency exchanges, with a daily trading volume of over $1 billion.
