đđđ #BinanceCEO Says Crypto Not Entering âLong-Term Negative Trendâ Despite Sharp Market Correction
Binance CEO #RichardTeng Predicts Short-Lived Crypto Crash
The CEO of the worldâs largest crypto exchange, Binance, believes that the latest crypto crash is likely to be short-lived. Richard Teng attributes the recent sharp declines in both crypto and equity prices to macroeconomic factors.
"Recent sharp drops in crypto and equity prices are influenced by macroeconomic factors. We do NOT believe itâs indicative of a long-term negative trend," Teng stated. "With potential Fed rate cuts and geopolitical volatility, thereâs still significant potential for market fluctuations. Reminder to always DYOR (do your own research) and stay informed. Keep building!"
Over the past week, the total crypto market cap has dropped by 17%, falling from approximately $2.48 trillion to $2.04 trillion at the time of writing. Despite this downturn, Teng highlights a positive indicator: Binance recently experienced one of its highest daily trading volumes ever.
"Amid the macroeconomic climate and yesterdayâs market downturn, Binance recorded a net inflow of US$1.2 billion in the past 24 hours, according to DefiLlamaâs CEX Transparency metrics. This marks one of the highest net inflow days of 2024, indicating strong investor confidence," Teng explained.
"Yesterday also saw one of the highest trading volumes on Binance year-to-date. We are now witnessing a rebound in major token prices, with current market trends validating this."
Earlier this year, Teng predicted that #bitcoinâïž ($BTC ) would exceed $80,000 by the end of 2024.
Source - dailyhodl.com
