MOSCOW (Sputnik) – The coronavirus pandemic has resulted in increased global interest in the cryptocurrency market and propelled it to new heights, as the world economy remains largely volatile amid turbulent macroeconomic situation, Changpeng Zhao, the founder and CEO of Binance cryptocurrency exchange, said.
The executive added that people started to better understand economic processes since the pandemic attracted public attention to macroeconomic issues.
On 8 January, the most popular cryptocurrency, bitcoin, was trading at an all-time high of $42,000, raising the total value of the cryptocurrency market to over $1 trillion. Although the currency lost over one-fifth of its value on Monday, bitcoin’s performance suggested that cryptocurrency was gaining momentum.
Founded in 2017, Binance is the Malta-based largest cryptocurrency exchange in terms of the trading volume.