Bitcoin’s recent price pump raised several eyebrows within the cryptocurrency space. While some relegated it to an isolated spurt in a volatile market, more optimistic traders called it the breaking of the bottom. Changpeng Zhao, CEO of Binance, veered towards the latter.
In a recent interview with Ran Neuner on Crypto Trader, CZ was asked if he thought the recent price pump was concrete. The Binance CEO stated that the pump can be backed by investors returning due to FOMO and “confidence in the industry” rising again.
“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 boasts one of the highest adjusted trade volumes of all exchanges. Hence, it would be at the forefront of any new USD deposits during the price rally. Zhao stated that fiat-pegged cryptocurrencies or stablecoins were on the rise as the coin market soared.
CZ added that the number of orders during the price pump were at an all-time high, rising above the levels of January 2018 when Bitcoin was over $15,000. Given the vast difference in BTC’s prices between then and now, the trading volume in USD is lower, CZ added.
“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.”
On the whole, Binance user registrations and system loads are also witnessing their respective peaks. “All indications are, things are going up,” he added.
Given the debate around what precipitated the 1 April spike, CZ stated that new accounts were “warming up” well before the bulls surfaced. He added that “one or two months ago,”registrations began picking up as the price of Bitcoin began rising from the lows of December 2018.
The first few months of the year saw the coin inching closer, breaking resistance level after resistance level, prior to the previous week’s surge. CZ stated that user registrations followed the same trend as the coin began rising meagerly prior to the spike, following which they skyrocketed.
Given the timing of the price rally and the Deconomy Forum held last week, CZ remarked that the collective community was very bullish and definitely different from a few months ago.
Not everyone is very bullish about the cryptocurrency market though, with NYU’s Nouriel Roubini being one of the foremost skeptics.
CZ lamented Roubini’s presence at the forum, adding that the professor “doesn’t use logic,” and that the debate was a “waste of time.” CZ closed by claiming that Dr. Doom will be proven “wrong.”
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