U.Today – The past few days cannot be described as anything other than a bloodbath in the cryptocurrency market. The Bitcoin price fell below the $50,000 mark after a 21% drop since the beginning of August. Today is just August 5th. As a result, liquidations on the cryptocurrency market totaled $1 billion in the past 24 hours.
Amid extreme fear, uncertainty and doubt, the attention of cryptocurrency market participants has turned to the most prominent figures in the sector. Richard Teng, the CEO of Binance, the world’s largest cryptocurrency exchange, is one such person whose words are worth listening to.
Among the notable things the Binance boss said is that the latest drop in both the cryptocurrency market and the stock market is due to macroeconomic factors, but he doesn't think they are a sign of a long-term negative trend. It's not over yet, though, as the Federal Reserve's rate cut and geopolitical issues could lead to further swings in the market, Teng warns.
Despite extremely negative speculation, Binance CEO told crypto enthusiasts to stay up to date and keep building despite the current challenges.
Meanwhile, the BTC price has recovered to 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 sides, Teng seems to be the most optimistic.
This article was originally published on U.Today
