According to TechFlow, on August 5, Binance CEO Richard Teng said in a post that the recent sharp decline in the cryptocurrency and stock markets was mainly affected by macroeconomic factors, and emphasized: "We do not think this represents a long-term negative trend."

Richard Teng mentioned that the market still faces greater volatility, especially due to the uncertainty brought about by the Federal Reserve’s possible interest rate cuts and geopolitical turmoil.