The chief government officer of the world’s largest crypto trade says that crypto’s newest crash is prone to be short-lived.
Based on Binance CEO Richard Teng, outdoors forces are at present shaping the digital asset markets.
“Current sharp drops in crypto & fairness costs are influenced by macroeconomic elements. We do NOT imagine it’s indicative of a long-term unfavourable pattern.
With potential Fed fee cuts & geopolitical volatility, there’s nonetheless important potential for market fluctuations.
Reminder to at all times DYOR (do your personal analysis) & keep knowledgeable. Preserve constructing!”
The crypto market cap, which sat round $2.48 trillion seven days in the past, is now down 17% to $2.04 trillion at time of writing.
Regardless of the downturn, Teng says Binance lately had one in every of its highest every day buying and selling volumes ever.
“Amid the macroeconomic local weather and yesterday’s market downturn, Binance recorded a web influx of US$1.2 billion prior to now 24 hours, in accordance with DefiLlama’s CEX Transparency metrics.
This marks one of many highest web influx days of 2024, indicating robust investor confidence.
Yesterday additionally noticed one of many highest buying and selling volumes on Binance year-to-date.
We are actually witnessing a rebound in main token costs, with present market developments validating this.”
Earlier this yr, Teng predicted that Bitcoin (BTC) would exceed $80,000 someday this yr.
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