Binance CEO Remains Bullish Despite Sluggish BTC Price Action, Here’s Why
Highlights
- Binance CEO shares a post on X, conveying immense bullishness on BTC.
- The CEO spotlights a crucial market dynamic, underscoring rising adoption.
- BTC price fights market volatility today.
Binance CEO Richard Teng has conveyed immense bullishness on Bitcoin and the broader crypto industry despite BTC’s recent slumping price action. A post shared by Teng on X today, June 25, stated, “It’s hard to not be bullish,” sparking a flurry of discussions across the global crypto community.
Bitcoin experienced a significant drop, reaching as low as the $58K mark in the past day. This price movement has put many participants in the crypto market on edge. However, Richard Teng’s comments are not in response to this price action but rather a reflection of a different market dynamic. Let’s delve deeper into it.
Teng Spotlights Rising BTC Adoption
Richard Teng took to X, primarily spotlighting the burgeoning adoption of BTC across the globe. In his post, the Binance CEO stated, “Sometimes I forget how much crypto has matured in such a short period of time,” pointing out the rise in global physical vendors accepting payments in Bitcoin.
Intriguingly, the chart shared on X highlighted a remarkable spike in vendor acceptance of BTC payments from May 2023 to May this year, underscoring the rising adoption of BTC. Concerning this, Teng conveys bullishness for Bitcoin in the coming days despite the recent monthly correction in the token’s price.
While the broader industry cautions and investors sweat, Teng’s bullish remarks have set off a wave of speculations.
Simultaneously, BTC moved sideways after riding a rollercoaster ride in the past 24 hours.
Also Read: Is Bitcoin Price Poised To Hit $50K Amid BTC’s Recent Dip?
Bitcoin Price Fights Volatility
As of writing, BTC price slipped 0.19% to trade at $61,192.88. The flagship crypto bottomed at $58,601.70 while it peaked at $61,658.89 over the past day.
BTC Futures Open Interest, per data by CoinGlass, showed a 2.40% dip in the past 24 hours to $32.46 billion, worth 529.81K BTC. Bitcoin liquidations over the past day were recorded to be $100.77 million. This data, collectively, could further be driving BTC price volatility.
A recent report by CoinGape Media spotlights how the BTC price risks falling to $50K, attributable to ETF outflows and broader market factors. Nonetheless, Teng’s remarks project a ray of optimism on the token’s future.
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