The bear market is affecting the operations of many companies, but the CEO of KuCoin believes it is only temporary.
KuCoin CEO Johnny Lyu revealed in a recent maintenance that he thinks the bear market is temporary.
The bear market has been in play for a few months, with most cryptocurrencies having fallen more than 60% from their all-time highs. Asked about his thoughts regarding the bear market, Lyu said;
“The looming global economic crisis is definitely impacting the overall crypto market situation and fueling a period of correction, which is only natural for any financial market where periods of stability are combined with periods of decline and In the more than 10 years since Bitcoin’s inception, the market has seen several cycles of ups and downs, but after each dip, the crypto market has been greeted by a bull market. Therefore, the market downturn is temporary and the future must be a bullish market.
Lyu added that only projects with great use cases will survive the current bear market. He said;
“No matter whether in the era of Web-1.0, Web-2.0 or Web-3.0, the laws of the market have always been ‘the Great Shall Win’ and ‘survival of the fittest’, and the industry of crypto is no exception. There is also a strong possibility that the vast majority of cryptos will disappear in the future. According to the Market Survival Code, only projects with a strong consensus base, competitive team, and applications that are just necessary will have a great chance of surviving.
The CEO revealed that the exchange is planning to expand its presence in India.
He said that KuCoin has recruited Indian specialists and established communities in the country with the aim of providing better services to local users. Regarding their efforts in India, Lyu said;
“We are actively cooperating with local crypto companies, like Bitbns, and popular video app – Chingari. As the COVID-19 pandemic hit India, KuCoin launched a special charity fund in April 2021 with a donation of 10 million rupees to a local NGO to address the challenges faced by Indian citizens.
KuCoin is one of the world’s leading cryptocurrency exchanges, with a daily trading volume of over $1 billion.