Binance CEO Says BTC Continues Rise Despite Slowdown in Price Movement, Here’s Why
binance CEO Richard Teng expressed big bullish expectations for Bitcoin and the crypto industry more broadly, despite BTC’s recent bearish price action. “It’s hard not to be a bullish optimist,” Teng said in a post on X today, June 25, sparking a series of discussions in the global crypto community.
Bitcoin experienced a significant decline and dropped to $58 thousand last day. This price movement has made many participants in the crypto market nervous. However, Richard Teng’s comments are not a response to this price movement, but a reflection of a different market dynamic. Let’s go deeper.
Teng Highlights Increase in BTC Adoption
Richard Teng addressed X, primarily noting the increasing adoption of BTC around the world. In his post, Binance CEO noted the increase in the number of global physical merchants accepting payments with Bitcoin and said, “Sometimes I forget how much cryptocurrency has matured in such a short time.”
Interestingly, the chart shared on Regarding this, Teng states that Bitcoin will rise in the coming days, despite the last monthly correction in the token price.
While the industry at large sounded the alarm and investors sweated, Teng’s bullish remarks set off a wave of speculation.
Simultaneously, BTC moved sideways after riding a roller coaster in the last 24 hours.
Also Read: Is Bitcoin Price Ready to Rise to $50K Amid BTC’s Latest Drop?
Bitcoin Price Struggles with Volatility
As of the time of writing, BTC price was traded at $61,192.88, down 0.19%. The flagship crypto fell to $58,601.70 while rising to $61,658.89 in the past day.
According to CoinGlass data, BTC Futures Open Positions decreased by 2.40% in the last 24 hours, reaching $32.46 billion, or 529.81 thousand BTC. It was recorded that Bitcoin liquidations in the past day were $ 100.77 million. Collectively, these data may be further increasing BTC price volatility.
A recent report by parofix Media reveals how BTC price is at risk of falling to $50k due to ETF outflows and broader market factors. Still, Teng’s words reflect a glimmer of optimism about the token’s future.
Also Read: Standard Chartered Backed Zodia Custody Partners for Crypto ETP 21Shares
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The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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