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Binance CEO Says Crypto Not Entering ‘Long-Term Negative Trend’ Despite Sharp Market Correction

August 06, 2024

The chief executive officer of the world’s largest crypto exchange says that crypto’s latest crash is likely to be short-lived.

According to Binance CEO Richard Teng, outside forces are currently shaping the digital asset markets.

“Recent sharp drops in crypto & equity prices are influenced by macroeconomic factors. We do NOT believe it’s indicative of a long-term negative trend.

With potential Fed rate cuts & geopolitical volatility, there’s still significant potential for market fluctuations.

Reminder to always DYOR (do your own research) & stay informed. Keep building!”

The crypto market cap, which sat around $2.48 trillion seven days ago, is now down 17% to $2.04 trillion at time of writing.

Despite the downturn, Teng says Binance recently had one of its highest daily trading volumes ever.

“Amid the macroeconomic climate and yesterday’s market downturn, Binance recorded a net inflow of US$1.2 billion in the past 24 hours, according to DefiLlama’s CEX Transparency metrics.

This marks one of the highest net inflow days of 2024, indicating strong investor confidence.

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 Bitcoin (BTC) would exceed $80,000 sometime this year.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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