Crypto crisis comment from Binance CEO Teng: Long-term no
Richard Teng, who took the position of CEO on Binance after Changpeng Zhao, said he thought the declines in cryptocurrencies would not be long-term. Teng pointed to geopolitical activity and Fed interest rate cuts.
On Binance, which is seen as the world's largest cryptocurrency exchange, CEO Richard Teng said that he does not think that the declines will be long-term. Teng, who made a brief assessment on the subject on X, used the following statements:
“The sharp declines in the crypto and stock markets are due to macroeconomic factors. As the stock market, we do not think that this is a long-term trend.
The Fed's possible interest rate cuts and geopolitical volatility could continue to trigger market volatility. Always continue to do your own research, gain knowledge and produce”
BNB, Binance's own token, also got its share of downfalls. In the past weeks, BNB, which reached the level of $600 for the first time since 2021, is trading at $424 today.
Today, the US media made a surprise claim for the Fed interest rate cuts, which Teng pointed out, and it was written that the Fed could go to an urgent interest rate cut within a week.
@Richard Teng 💛🖤 #BTCMarketPanic #MarketDownturn #RichardTeng
