Binance CEO Richard Teng has conveyed immense bullishness on Bitcoin and the broader crypto business regardless of BTC’s current slumping value motion. A put up shared by Teng on X right now, June 25, said, “It’s hard to not be bullish,” sparking a flurry of discussions throughout the worldwide crypto group.
Bitcoin skilled a major drop, reaching as little as the $58K mark prior to now day. This value motion has put many individuals within the crypto market on edge. However, Richard Teng’s feedback aren’t in response to this value motion however relatively a mirrored image of a unique 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 throughout the globe. In his put up, the Binance CEO said, “Sometimes I forget how much crypto has matured in such a short period of time,” mentioning the rise in world bodily distributors accepting funds in Bitcoin.
Intriguingly, the chart shared on X highlighted a exceptional spike in vendor acceptance of BTC funds from May 2023 to May this 12 months, underscoring the rising adoption of BTC. Concerning this, Teng conveys bullishness for Bitcoin within the coming days regardless of the current month-to-month correction within the token’s value.
While the broader business cautions and buyers sweat, Teng’s bullish remarks have set off a wave of speculations.
Simultaneously, BTC moved sideways after using a rollercoaster experience prior to now 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 commerce at $61,192.88. The flagship crypto bottomed at $58,601.70 whereas it peaked at $61,658.89 over the previous day.
BTC Futures Open Interest, per knowledge by CoinGlass, confirmed a 2.40% dip prior to now 24 hours to $32.46 billion, price 529.81K BTC. Bitcoin liquidations over the previous day had been recorded to be $100.77 million. This knowledge, collectively, may additional be driving BTC value volatility.
A current report by CoinGape Media spotlights how the BTC price risks falling to $50K, attributable to ETF outflows and broader market components. Nonetheless, Teng’s remarks mission a ray of optimism on the token’s future.
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