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The last few days cannot be described as anything other than a bloodbath on the crypto market. The price of Bitcoin fell below the $50,000 mark after a 21% drop since the beginning of August. Today is only the 5th of August. As a result, liquidations on the crypto market totaled $1 billion in the last 24 hours.
In the midst of extreme fear, uncertainty and doubt, the attention of crypto market participants turned to the most prominent figures of the space. Richard Teng, the CEO of Binance, the world's largest crypto exchange, is one of those whose words are worth listening to.
Gamza KhanzadaevAmong the noteworthy things that the Binance chief said is that the latest crash in both the crypto and stock market is down to macroeconomic factors, but he does not think they are a sign of a long-term negative trend. However, it is not over as the Federal Reserve cutting rates and geopolitical issues could lead to more market swings, warns Teng.
Despite an extremely negative conjecture, the Binance CEO told crypto enthusiasts to stay up to date and keep building despite the current challenges.
Arman ShirinyanThe price of BTC, meanwhile, has rebounded to around the $51,500 level after some relief. It is still unclear what the future holds for the market, and what will happen next is an open question, but if you want to try and take a side, Teng's seems to be the most optimistic.
Arman Shirinyan
Alex Dovbnya