Binance chief weighs in on why BTC/USD will soon cross $10,000
- Several experts have been speculating the factors that will help Bitcoin move beyond the $10,000 price mark.
- Binance’s data reveals that we are currently in the middle of an altseason.
Bitcoin’s price has been moving under the $10,000 mark for a while now, frustrating many traders and speculators. Changpeng “CZ” Zhao, the CEO of Binance, believes that amid the current global financial scenario, Bitcoin only needs time to break past this barrier.
According to a Bloomberg report, CZ said that BTC has been relatively stable, given the events taking place around the world. This includes the massive quantitative easing that resulted in a lot of fiat money flowing into the economy.
I think sooner or later it’s going to break out. But right now, for the last little while, Bitcoin has been really stable and people have been calling it the stablecoin now.
CZ further added that Binance’s data reveals that we are currently in the middle of an altseason, with over 60% of Binance Futures’ volume coming from altcoins. Apparently, between March 31st and June 31st, only three altcoins went down from the overall 200 listings on the exchange.
Commenting on the recent Twitter scam, Zhao defended Bitcoin by saying that it is more transparent and traceable than fiat currency. He added that if someone were to rob a bank, it would be difficult to trace the stolen fiat cash. On the other hand, Bitcoin involves an audit trail, making it more traceable and transparent.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
