NewsletterBreaking: Binance CEO “CZ” Bullish On Crypto Market Ahead Of FOMC Meet
Binance CEO “CZ” in a tweet on Saturday strongly reaffirms a bullish outlook on the crypto market. He believes it’s time for “BUIDL” rather than “HODL” as the utility is growing across the market. Net users and institutions in crypto are growing despite some failed projects and few sellers.
He cites the example of the Internet boom after the 2000 dot com bubble burst. The companies that survived the crisis have evolved into larger and stronger organizations.
Binance CEO “CZ” Confirms the Crypto Market is Bullish
The crypto market has recovered strongly this week, with the Bitcoin (BTC) and Ethereum (ETH) prices rising swiftly above key psychological levels of $22,000 and $1500, respectively.
With the crypto fear and greed index jumping from “extreme” to “fear” with the current value at 31 and Federal Reserve officials and governor supporting a 75 bps rate hike this July, the market sentiment has turned bullish.
Binance CEO “CZ” has joined other crypto influencers to reaffirm bullish market conditions. Binance CEO in a tweet on July 23 said activities surrounding fundraising, investing, transfers, micropayment, remittance, DeFi, NFT, metaverse, etc. are growing. In fact, the failure of some projects and selling by a few people have not changed the fundamentals. Moreover, net users and institutions are increasing.
“The 2000 dot com bubble burst didn’t kill the internet. On the contrary, it gave the surviving companies a huge advantage.”
Meanwhile, the CME FedWatch Tool indicates the probability of a 100 bps rate hike has fallen below 20%. It means the Fed would likely go with a 75 bps rate hike in the next FOMC meeting on July 27. Federal Reserve Chair Jerome Powell on July 22 confirmed that interest rate hikes are likely to slow after the 75 bps rate hike next week.
Crypto Analysts Sees Recovery Overall Healthy
Crypto analysts Michaël van de Poppe, Rekt Capital, PlanB, and others have earlier confirmed a bullish rally, if the Bitcoin (BTC) stays above $22.8k, the key 200-weekly moving average (WMA) until the month close. Also, Bitcoin prices rising above the $23.8k level is likely to push the price over $28k.
BTC and ETH prices are currently trading at $22,911 and $1582, up almost 12% and 32% in a week.
Ethereum will be deflationary after the Merge, Vitalik Buterin confirms while revealing the Ethereum Roadmap at the Ethereum Community Conference in Paris. The decrease in circulation supply will increase prices under the right conditions.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Barstool’s Dave Portnoy Buys Bitcoin, Ethereum, and XRP Following Crypto Crash
- Breaking: Banking Regulator OCC Greenlights Banks To Hold BTC, ETH, SOL, XRP For Gas Fees
- December Fed Rate-Cut Odds Rise Above 50% on Weak Jobs Reports
- Is Michael Saylor’s Strategy Bitcoin Portfolio in the Red as BTC Crashes?
- Arthur Hayes Predicts Bitcoin Rally To $200k By Year-End Despite Liquidity-Driven Bear Market
- Ethereum Price Forms Rare Pattern as Tom Lee Makes Bold Prediction
- Is Dogecoin Price Set for a Recovery as Grayscale ETF Speculation Intensifies?
- Will MOODENG Reach $0.1 and MEW Hit $0.002 After Robinhood Listing?
- What’s Next for Cardano Price After Breaking Below Key Support Level?
- Pi Coin Price Could Jump 30%, But There’s a Catch
- Expert Sees XRP Price Rally if it Holds Key Support Ahead of Ripple ETF Launch
