Changpeng Zhao opined on the recent parabolic rise of Bitcoin and the effects it had on the crypto space with CNBC’s Ran NeuNer. CZ said that he was unaware of the reason for the rise, however, he mentioned that the extended surge was due to FOMO and that it showed the money was lined up to buy Bitcoin.
Bitcoin’s rally started on April 01 and has risen by 110% at press time. The price of Bitcoin briefly breached the $9,000 market but eventually fell down. Bitcoin, at press time, was currently trading a few dollars below $8,000 with a market cap of $141 billion.
He further added:
“I think we saw more stablecoin deposits in the last few days and not only that, the trading volume per transaction, the number of order, that are being submitted has reached an all-time high.”
Additionally, CZ confirmed that they had seen more orders than 2017 although the trading volume in terms of U.S. Dollars was less, they had surpassed all-time trading volume transactions, which was also accompanied by the number new of users signing up on the exchange.
The number of users signing up on Binance exchange had seen a gradual increase in the months leading up to the surge in Bitcoin’s price said CZ. However, the users registering did massively increase after the spike.
Speaking about the interest in crypto, CZ said that he was always bullish. He outlined his plan about margin trading for Binance and said that they had conducted a trading competition and even released a test net for security testing and finding bugs for the same.
Binance’s margin trading was also teased by CZ in a recent Twitter post.
— Binance (@binance) May 24, 2019
Binance is already the world’s largest cryptocurrency exchange, and margin trading feature could further solidify Binance’s grounds and compete against margin trading exchanges like BitMEX, Bittrex, etc.
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