Jesse Powell, CEO of Kraken, one of the world’s leading cryptocurrency exchanges, evaluated the current state of the cryptocurrency market and predicted when the bear season would end. The famous CEO stated in a new interview on the Bankless podcast that after the FTX collapse, billions of dollars were steaming from the cryptocurrency market and it will take time for the lost reputation to be restored.
Stating that the industry needs time to repair the crisis of confidence, Powell argued that the Bitcoin halving, which will take place next year, will be the catalyst for the next rally in the market.
“Losing $10 billion in capital from this industry is a huge blow. It was very bad for the industry that it was stolen and this money could have moved the industry forward had it not collapsed. So it will take some time to get rid of it. Frankly, prices have also dropped as a result of all this, so I think we will enter an even deeper bear market during the winter months. We don’t have another Bitcoin halving until March 2024. It will take some time, and I think this is the next big event that could lead us out of the bear market.”
Powell said that bad market actors will continue to exist and unfortunate events will continue to happen to cryptocurrencies, adding that he still has high hopes for the market in the long run.
On the other hand, a hopeful new Bitcoin message came from Binance CEO Changpeng Zhao. The famous CEO, who has 7.8 million followers on Twitter, said, “Bitcoin is not dead, we are still here.” While Cz’s post received thousands of likes in a short time, the BTC price did not react to this positive message.