Changpeng Zhao Replied: Why Is Bitcoin Price Not Rising?

Binance CEO Changpeng Zhao pointed out how stable the market has been lately in Bitcoin’s statements .

Changpeng Zhao, one of the most famous names in the crypto money world, interviewed Bloomberg a few hours ago . In this interview, Zhao, one of the victims of the Twitter attack in the past days, talked about the recent performance of the market and the future of Bitcoin.

We see a horizontal market

As we can see in Rookie’s analysis today, the crypto market has been moving horizontally for some time . The volatility of Bitcoin , which has been in the range of 9 thousand -9,500 dollars for a few weeks , has not been so low for a year .

Changpeng Zhao commented on this recent horizontal performance of Bitcoin during his broadcast. But we cannot say that he gave a clear answer to this question because Zhao thinks the answer to this question is not yet clear. Saying that it is not known why Bitcoin has been performing in recent months , Zhao says it may be due to macroeconomic developments .

“Why isn’t Bitcoin rising?” Thinking that he had no obvious answer, Zhao also talked about why Bitcoin fell in the first place, i.e. why it fell to $ 4,000 in March. Saying that this may be related to traditional markets , Zhao commented:

“We have witnessed the complete collapse of traditional markets after what happened in March. The stock markets are probably a thousand times larger than the crypto money market. When a decline occurs in traditional markets, investors in these markets lose money. People who lose money (if they also have crypto investments) are forced to convert them into fiat money. ”

Altkoin Season

Leaving the question of why Bitcoin did not rise , Zhao answered this question and talked about alternative cryptocurrencies . Recently , we have seen that various altcoins, especially Compound, Dogecoin, VeThor Token, have gained significant value . Referring to such mobility in the market, Zhao believes that we are in the altcoin season right now .

Commenting on the situation of the cryptocurrency market in the past few months, Zhao says people are beginning to turn to alternative cryptocurrencies rather than Bitcoin, but the reason for this is unclear . His statements during the interview are as follows:

“Bitcoin (also influenced by macroeconomic developments) drew a fairly stable chart. In fact, people started calling Bitcoin fixedcoins … This actually shows that we are in the altcoin season right now . Already 60 percent of the trade volume comes from altcoins, which number was not so high before.

As Binance, we support more than 200 altcoins. When we look at their performances between May 31 and June 30, we see that only 3 crypto coins are negative … I don’t know what is the reason behind this mobility. Maybe it’s the Dogecoin stream that started on Twitter. We really don’t know. But the altcoin market is very active. ”

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: