The chief government officer of the world’s largest crypto change says that crypto’s newest crash is more likely to be short-lived.
In accordance with Binance CEO Richard Teng, exterior forces are at present shaping the digital asset markets.
“Latest sharp drops in crypto & fairness costs are influenced by macroeconomic elements. We do NOT imagine it’s indicative of a long-term unfavorable development.
With potential Fed price cuts & geopolitical volatility, there’s nonetheless vital potential for market fluctuations.
Reminder to at all times DYOR (do your personal analysis) & keep knowledgeable. Maintain 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 just lately had one in all its highest every day buying and selling volumes ever.
“Amid the macroeconomic local weather and yesterday’s market downturn, Binance recorded a internet influx of US$1.2 billion up to now 24 hours, in keeping with DefiLlama’s CEX Transparency metrics.
This marks one of many highest internet 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 tendencies validating this.”
Earlier this yr, Teng predicted that Bitcoin (BTC) would exceed $80,000 someday this yr.
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