The CEO of the world’s largest crypto exchange says crypto’s latest crash will likely be short-lived.
According to Binance CEO Richard Teng, there are currently outside forces Shaping the digital asset markets.
“The recent sharp declines in crypto and stock prices are influenced by macroeconomic factors. We do NOT believe this is indicative of a long-term negative trend.
With potential Fed rate cuts and geopolitical volatility, there is still significant potential for market swings.
Reminder to always DYOR (do your own research) and stay informed. Keep building!”
The crypto market capwhich was around $2.48 trillion seven days ago is now down 17% to $2.04 trillion at the time of writing.
Despite the recession, Teng says Binance recently had one of the highest daily trading volumes ever.
“Amid the macroeconomic environment and yesterday’s market decline, Binance has recorded net inflows of $1.2 billion over the past 24 hours, according to DefiLlama’s CEX Transparency metrics.
This is one of the highest net inflow days of 2024, indicating strong investor confidence.
Yesterday also saw one of the highest trading volumes on Binance since the start of the year.
We are now witnessing a recovery in the prices of major tokens, with current market trends confirming this.”
Earlier this year, Teng predicted that Bitcoin (BTC) would cross $80,000 sometime this year.
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