The chief government officer of the world’s largest crypto alternate says that crypto’s newest crash is prone to be short-lived.
Based on Binance CEO Richard Teng, outdoors forces are at the moment shaping the digital asset markets.
“Latest sharp drops in crypto & fairness costs are influenced by macroeconomic elements. We do NOT consider it’s indicative of a long-term unfavorable pattern.
With potential Fed fee cuts & geopolitical volatility, there’s nonetheless important potential for market fluctuations.
Reminder to all the time 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 considered one of its highest each 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, based on 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 at the moment are witnessing a rebound in main token costs, with present market traits validating this.”
Earlier this 12 months, Teng predicted that Bitcoin (BTC) would exceed $80,000 someday this 12 months.
