Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Binance CEO Richard Teng has shared his view on Bitcoin’s place in the market, saying it continues to stand out as the main cryptocurrency and a reliable store of value, especially during uncertain global economic times.
With more institutional investors entering the space, Teng sees Bitcoin (BTC) becoming a more important part of diversified portfolios, as a hedge and digital alternative to gold in particular.
His comments come at a time when Bitcoin’s price has been showing clear signs of recovery. Looking at the price chart, Bitcoin spent the early days of May in a bit of a downtrend, with several red candles indicating a steady drop in price.
But since May 7, the mood has shifted. The chart shows a strong bounce from below the $95,000 level, followed by a solid stretch of green candles as bulls stepped back in.
Since that point, Bitcoin has climbed steadily, now trading above $104,000. While there have been some small dips along the way, the general trend has been upward, and the price has held firmly above the $103,000 mark in recent sessions.
The pattern suggests that momentum is currently with the bulls, and short-term pullbacks have not been enough to change that.
This movement in price lines up with a broader story in the crypto space - one where traditional investors are starting to take Bitcoin more seriously. As more institutions treat it as a long-term asset and a hedge against traditional market risks, its role in investment portfolios seems to be expanding.
With the price of BTC holding its ground and market sentiment gradually improving, attention may now turn to whether this upward trend can continue in the days ahead.
Vladislav Sopov