Good day everybody,
Welcome to CryptoGod-1's blog on all things crypto. Binance CEO Changpeng Zhao recently did a Twitter Spaces session where he discussed his views and thought on an impending bull market, and potential increases in trading volumes over the coming months.
The CEO of the world largest cryptocurrency exchange, Changpeng Zhao (CZ), was speaking in a ask me anything (AMA) on Twitter Spaces on the morning of Wednesday the 5th of July 2023. During the session, he noted how the exchange is doing “a lot of preparation” to ensure they are prepared for the anticipated increased trading volumes over the coming months. The Binance boos noted:
“If we look at historical patterns, we want to be prepared for higher volumes.”
He added that the exchange is readying its systems for heightened activity over the next six to 18 months as it has already began to see higher trading volumes compared to the period since November last year. That was of course the moment that rival exchange FTX collapsed and crashed the market, causing widespread fear and panic among many investors. The market the bottom of the bear market in 2022 for Bitcoin, with the digital gold having seen increases in value throughout 2023 so far.
It is thought that current boost in both price and trading volumes across the crypto market could be as a direct result of the renewed push to list a spot Bitcoin exchange-traded fund (ETF) by many prominent asset managers. Among those to have applied for such an ETF is BlackRock, the Wall Street firm known as the world’s largest asset manager. Others included in the race are Fidelity, WisdomTree, VanEck and Invesco.
The next Bitcoin halving is due to occur in and around April 2024, and once this happens the reward paid out for mining a new block on the blockchain will be reduced from 6.25 BTC to 3.125 BTC. This is considered another big factor in why sentiment and trading volumes are seeing a boost, with many predicting the halving to send Bitcoin to $50,000 and beyond. During the AMA session, which asked if any of these factors would have CZ more bullish in regards to the market, the Binance CEO responded that he is always bullish. He further explained that this was the case both at the peak of the bull market and when crypto turned to a bear market. However, he was quick to stress that “no one can predict the future,” and pointed out that historical patterns do not necessarily repeat in the future. “Fundamentally, I don’t think anybody knows how the market is going to turn out” CZ noted.
Have a great day.
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