There’s been the almost eternal hope that the bitcoin price will return to – and maybe even exceed – the $20,000 price it reached in December 2017. Unfortunately, to the dismay of everyone, the bitcoin price is stuck in a spiral downwards — even dragging down the broader cryptocurrency market. The respected chief executive of Binance, Changpeng Zhao who is the owner of a renowned Cryptocurrency Exchange, recently expresses optimism regarding the Bitcoin price.
He told CNBC’s crypto trader program about the crypto fluctuating market. He continues saying “bull run” will happen sooner or later. However, most of the media claim it as Changpeng Zhao is predicting the bitcoin bull run is coming soon. The current tweet of Zhao clarifies that it was not prediction instead it was just his belief.
There are many conversations on the fun fact regarding his prediction of the bull run and bear run. Zhao shares a statement in a very sarcastic way dragging the whole concept to BNB and making it a standing point. Everyone with media took this bitcoin bull run statement at a virtual level. He meant to say that it might come as the future in the interview.
Sensational titles… ? I will say it, once and for all. There will be a bull run, followed by a bear run, then bull, and bear, and bull, and bear, and bull… If you say it quickly, it becomes BNB. lol.https://t.co/eo1F2j96iK
— CZ Binance (@cz_binance) November 13, 2018
Binance CEO Believes
Even if I don’t know what will catalyze a bitcoin bull run, I am certain it will happen… Sooner or later, something will trigger it.
Changpeng Zhao also thinks Binance, the world’s largest exchange by volume, will bounce back from the 90% loss in trading volume since the beginning of the year. He feels the company is still very much healthy.
Compared to January [of 2018], we are probably down 90 percent. So we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes.Business is still okay, we are still profitable, and we are still a very healthy business. Changpeng Zhao, who’s also known by the initials CZ, said.
CZ stated that Binance has been experiencing a continuous increase in the number of its active users and bitcoin deposits over the course of 2018.
The major excitement for many Bitcoin users is the Binance announcement that it is opening its doors to institutional investors. The push towards that direction could lay the foundation for capital from other high net individuals.
Binance had outlined its plans for institutional investors in a Medium post earlier this week. The Binance roadmap shows there will be numerous updates. Regarding the purpose of optimizing the trading platform to deliver better value. According to the Medium post, some of those features include:
– Up to 200 sub-accounts supported
– Overview of account and trading activity for sub-accounts like login history, open orders, etc.
– No-fee transfers of funds between sub-accounts
– Entire control of sub-accounts like resetting 2FA, eliminate API keys/orders and passwords, or even freezing the sub-account
All about Bitcoin
Another major figure who thinks Bitcoin price will go on a bull run soon is Erik Voorhees, CEO of crypto exchange ShapeShift. He said the rise in U.S. debt could trigger the next surge in the price of Bitcoin.
“When the next global financial crisis occurs, and the world realizes organizations with $20 trillion in debt can’t possibly ever pay it back and thus must print it instead, and thus fiat is doomed. Watch what happens to crypto,” Voorhees said in a tweet last week.
The Bitcoin’s Directional Movement Index (DMI) from Bloomberg out last week indicates the price of Bitcoin could push up soon. The Bloomberg analysis shows that the indicators from the current price level are “widely considered an encouraging sign.”
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