Binance CEO: The Amount of Bitcoin Transactions Now is Surpassing the Last Peak Bull Run Numbers
The recent hike in Bitcoin caused a lot of intrigue in the cryptosphere. While some crypto enthusiasts concluded that it was just an isolated hike in a very unpredictable market, the more optimistic crypto traders called it “the breaking of the bottom”.
Binance‘s CEO Changpeng Zhao, took the stance of the breaking of the bottom for Bitcoin.
CRYPTO TRADER INTERVIEW
Changpeng, during an interview with Ran Neuner on Crypto Trader (watch interview here) was asked if the recent Bitcoin hike was concrete.
He responded by stating that the hike can be as a result of investors returning because of FOMO (fear of missing out) and “confidence in the industry” at a rise again. He also added :
“The fact that the price can go up so quickly means that there was a lot of money waiting to buy Bitcoin and they were really fearing of missing out.”
BINANCE‘S HIGH ADJUSTED PRICE
Binance, which claims with confidence that it has one of the highest adjusted values of all other exchanges, so it is will be one of the first exchanges of any new Dollar deposits during this hike.
In addition, Zhao states that there was a record breaking number of orders during the price hike, above the January 2018 level, when BTC was over 15,000 USD.
Due to the large gap in price of Bitcoin between January 2018 and now, the USD trading volume is lower.
“The number of transactions, the number of orders that people are submitting is at an all-time high. We’re actually seeing more orders than January 2018.”
The Binance user registration and its system loads have both been at their peaks during this rally. He said “All indications are, things are going up”
During the discussion of what could have caused the sudden hike on the 1st of April, Changpeng Zhao said that new accounts were “warming up” before the bullish period. He stated :
“one or two months ago,registrations began picking up as the price of Bitcoin began rising from the lows of December 2018.”
The asset value at the beginning of the year got higher, breaking resistance levels over and over just before the week’s hike. Changpeng stated that the user registration increased following the trend, as the asset started rising before the hike, which later boomed.
DECONOMY FORUM DEBATES
Giving the timing of the price hike and the ‘Deconomy forum’ which held last week in Seoul, Zhao said that the whole cryptosphere was very bullish compared to the last few months.
With NYU’s Nouriel Roubini (Dr. Doom) being a very known skeptic, not everybody is bullish about the crypto market.
Binance‘s CEO, Changpeng Zhao was unhappy about the presence of Nouriel at the conference stating that he “doesn't use logic” and the debate was a “waste of time” and he would be proven wrong.