Exciting Trading Ahead According to Binance CEO

Exciting Trading Ahead According to Binance CEO

Changpeng Zhao, the CEO of one of the leading cryptocurrency exchanges, Binance, has revealed what he predicts will happen in the industry in the coming weeks. Speaking on CNBC’s Crypto Trader, Zhao confirmed that the number of investments and transactions have exploded over the past week.

This statement coincides with a report earlier today confirming an injection of over $38 billion in crypto economy. There is now an estimated $185 billion in a variety of crypto assets in circulation. Various currencies, including XRP, Litecoin, and Ethereum, have all seen double-digit increases during the same period. Bitcoin Cash registered a 100% increase in just a week. In fact, there has been an increase across all major exchanges in trading volume per transaction, number of orders and the number of transactions.

During his interview, Zhao stated that the fast speed at which Bitcoin’s price rose is proof that there are still many investors willing to buy this revolutionary coin. He continues to say that the FOMO, or fear of missing out effect is still clearly evident. Most investors were waiting for the slightest positive sign before they launched into a buying spree.

The CEO of one of the world’s biggest exchanges said that he’s seen a rise in stablecoin deposits, which shows that investors are choosing to diversify their crypto portfolio and seek to minimize the volatility of the market.

Zhao credits Bitcoin’s price increase as the main cause of the surge of the past days. He also states that the Binance team noted an above average increase in user registrations in the past two months, which helped to fuel the sudden growth. Once the spike started, registrations continued to increase, which had a compounding effect on the currency’s value. It is not clear for how long this trend will continue, but many believe it signals the resurgence of the industry. 

Other industry analysts are comparing the recent trend to the performance of the mainstream financial stock market. In fact, the S&P 500 Index regained losses in the past couple of months to reach January’s highs. Whilst these two results are not correlated, there is a growing analysis of how crypto markets act like traditional markets in terms of a country’s political and economic policies and results.

U.S. President Donald Trump suggested the possibility of a quantitative easing program, which normally leads to a stock market surge. Investors seek a bull market to offload their liquid assets into, and a variety of crypto investments are looking more attractive for those ready to diversify their riskier investments. Political pressure and expected changes in the Fed’s lineup could see a continued surge towards the promising returns of crypto.

As a result of the most recent spike, the price of Bitcoin reached $5,200, and whilst analysts expect this value to dip slightly, they forecast that it will remain around the $5,100 mark. 

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News

Bitcoin,Coinbase,CoinMarketCap

Significant Bitcoin Drops As Coinbase Announces IPO

The cryptocurrency market is back in turmoil following yet another volatile week where Bitcoin almost reached a record-breaking value of $60,000. Bitcoin drops are nothing new, but the recent 25% decrease has caused panic amongst even traders with an experience of major currency fluctuations. The latest drop comes as Coinbase, one of the world’s largest […]

1 March, 2021
Cybercrime,Scam,Trezor

Trezor Warns Users About Fake Mobile App

Trezor is warning users of a malicious mobile application featured on Google Play which appears to be associated with the wallet provider. At least 1,000 users have already downloaded this software, and it is likely that some have unwittingly provided their seed phrase to unlock their funds. Both Trezor and SatoshiLabs have confirmed the existence […]

26 January, 2021
Bitcoin,eToro,Trading

eToro Temporarily Raises Minimum Deposit To $1,000

For the past few weeks, the increase in Bitcoin’s price has led to a massive interest in cryptocurrency trading. eToro has been overwhelmed by new registrations and has decided to temporarily raise the minimum deposit from $200 to $1,000. Although 2021 has barely gotten started, it promises to be an exciting time to invest in […]

11 January, 2021
Bitcoin,Investment,Trading

Global Cryptocurrency Market Value Surpasses $1 Trillion

Thursday has proven to be a monumental day for cryptocurrencies as the world’s combined value tops the $1 Trillion mark. Energised by a substantial rise in the value of Bitcoin in recent months, the volatile crypto market has reached a once-unreachable value. Following the latest Bitcoin Halving in May 2020, the world’s largest digital token […]

10 January, 2021
Sponsored

Victory over virus: SiGMA Virtual Expo hosts 100+ exhibitors

SiGMA Europe and AIBC Virtual Expos launch with record breaking attendance, providing a cure to the industry’s events sector In the light of this year’s changes in our everyday lives, SiGMA was close to having to stop doing what it does best; creating networks for people through the company’s iconic physical events, but luckily, the […]

26 November, 2020
Blockchain,Changelly,Cryptocurrency,Exchange Platforms

Changelly Adds Ardor, Ignis, and NXT to Changelly PRO

Changelly, the online cryptocurrency exchanges, has added three more tradable assets to their Changelly PRO platform. Changelly, the large online crypto exchange, has recently added an additional three cryptocurrencies to their Changelly PRO platform, Ardor, Ignis, and NXT. All three tokens developed by Jelurida will be tradable against BTC as ARDR/BTC, IGNIS/BTC, and NXT/BTC. Jelurida […]

6 November, 2020
Crypto Wallets,Exchange Platforms,Kraken,Ledger

Ledger Phishing Scam is Targeting Crypto Wallet Users

Ledger, the cryptocurrency wallet company, has been massively affected by a data breach and phishing scam. Ledger, the world renowned cryptocurrency hardware wallet producer, is facing a lot of problems with a data breach that is being used to target their customers. Kraken Intelligence, the intelligence arm of the Kraken cryptocurrency exchange, analyzes this data […]

5 November, 2020
Bitcoin,Blockchain,Cryptocurrency,Ethereum

Ethereum on Track to be First Blockchain To Process $1 Trillion In Yearly Transactions

Ethereum, the second largest cryptocurrency by market cap, is preparing to break the $1 trillion mark in yearly processing. Ethererum, the largest cryptocurrency behind Bitcoin, is on track to be the first blockchain to process over $1 trillion in transactions in a single year. Currently, the Ethereum network is processing more than double the amount […]

4 November, 2020