As the crypto bear market rages on, investors have had to deal with multiple exchanges and platforms limiting/blocking withdrawals due to “extreme market conditions.”
This is why we have reached out to Adam O’Neill, CMO at Bitrue. In this interview, O’Neill gives us a rundown of what has led to these limited withdrawals and what crypto exchanges can do to survive the bear market.
Bitcoinist: Can you give us a rundown of what Bitrue is and what it is you do at the company?
Adam O’Neill: Bitrue is an all-in-one cryptocurrency platform, it focuses on the interests of individual users. Essentially our mission is to provide people worldwide with viable options to build up their wealth, an opportunity that’s become closed off within the traditional financial systems.
Related Reading | NFTs Enter A New Era As Solana Closes The Gap With Ethereum
As the Chief Marketing Officer at Bitrue, I oversee all our events and communications with users. Alongside my team, we launch three or four new events every day, be it new yield farming options presented to our users, some meaty analyses of coin trends, or a bunch of other content designed to give more context and information. On top of that, we hold AMA sessions with the founders of coin projects
Bitcoinist: The bear market has ravaged the space recently. What are Bitrue and other exchanges doing to survive such market conditions?
Adam O’Neill: The key to survival in a bear market is preparation. For anyone in the crypto industry for a while, we now know that the markets go through periods of prolonged growth followed by sharp retractions, generally following the price trend of BTC. We’ve had good growth since 2020 or so. Still, only a fool can expect it to last forever. At Bitrue, we’ve been careful not to overextend ourselves, we minimize our exposure to risky debt and other factors that have killed off some of the big names in the last few months.
Total market cap falls below $900 billion | Source: Crypto Total Market Cap on TradingView.com
Beyond that, the key to survival right now lies in business fundamentals. You listen to your customers and provide them with services of genuine value. For example, we’ve identified stablecoins and meme coins as the two most significant areas of customer interest, so we’re offering attractive investment rates on both.
Bitcoinist: We have seen a lot of platforms and exchanges limiting withdrawals. What do you think this means for the future of crypto?
Adam O’Neill: It’s a very bad look for an industry that supposedly prides itself on decentralization and breaking away from the traditional financial systems. Ultimately, I don’t believe this will have a long-term effect on the industry, though.
Related Reading | The Infamous Cyclicality Of Bitcoin Mining: What Causes This?
Bitcoinist: What factors lead these platforms
Read Full Article…