Binance CEO remains optimistic despite sluggish BTC price performance, here’s why

Binance CEO Richard Teng has expressed tremendous confidence in Bitcoin and the entire crypto industry despite BTC’s recent price drop. In a post shared by Teng on X today, June 25, he said, “It’s hard not to be optimistic,” sparking a flurry of discussion in the global crypto community.

Bitcoin experienced a significant decline, hitting the $58,000 mark in the past day. This price movement has made many participants in the crypto market nervous. However, Richard Teng’s comments are not a reaction to this price movement, but rather a reflection of another market dynamic. Let’s dig deeper.

Teng highlights increasing BTC acceptance

Richard Teng addressed X, highlighting the growing acceptance of BTC around the world. In his post, the CEO of Binance stated: “Sometimes I forget how much cryptocurrencies have evolved in such a short period of time,” referring to the increase in the number of physical merchants around the world accepting payments in Bitcoin.

Interestingly, the chart shared on X showed a notable increase in merchant acceptance of BTC payments from May 2023 to May this year, highlighting the increasing adoption of BTC. In this context, despite the recent monthly correction in the token price, Teng expresses an optimistic forecast for Bitcoin in the coming days.

While the industry as a whole is cautious and investors are panicking, Teng’s optimistic comments have sparked a wave of speculation.

At the same time, BTC was moving sideways after experiencing a rollercoaster ride over the past 24 hours.

Also read: Will Bitcoin price hit $50,000 given BTC’s recent drop?

Bitcoin price struggles with volatility

At the time of writing, BTC price was down 0.19% and trading at $61,192.88. The flagship cryptocurrency hit a low of $58,601.70 while it reached a high of $61,658.89 over the past day.

According to data from CoinGlass, BTC futures open interest has declined by 2.40% to $32.46 billion or 529.81k BTC over the past 24 hours. Bitcoin liquidations over the past day totaled $100.77 million. These data, taken together, could further drive BTC price volatility.

A recent report from CoinGape Media shows that the BTC price could fall to $50,000 due to ETF outflows and broader market factors. Nevertheless, Teng’s remarks provide cause for optimism for the token’s future.

Also read: Standard Chartered-backed Zodia Custody Partners 21Shares for Crypto ETP

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