Binance CEO Changpeng Zhao strongly reaffirms the bullish outlook for the cryptocurrency market in a tweet on Saturday. He believes the time has come for “BUIDL” instead of “HODL” as the utility grows in the market. Here are the details…
Changpeng Zhao is bullish for the cryptocurrency space
Despite some failed projects and few vendors, net users and institutions in crypto are growing. He cites the example of the Internet boom after the 2000 dot com bubble burst. Companies that survived the crisis have evolved into larger and stronger organizations. The crypto market has rebounded strongly this week as Bitcoin (BTC) and Ethereum (ETH) prices skyrocketed above key psychological levels of $22,000 and $1500, respectively.
The market sentiment was on the upswing as the crypto fear and greed index jumped from “extreme” to “fearful” and the current value was 31, and US Federal Reserve officials and the chairman backed a 75 basis point rate hike this July. Binance CEO “CZ” has joined other crypto influencers to reaffirm bullish market conditions.
Growing activity in the crypto space
Binance CEO said in a tweet on July 23, that fundraising, investing, transfers, micropayment, remittance, DeFi, NFT, metaverse, etc. He said his activities are growing. In fact, the failure of some projects and the fact that they were sold by a few people did not change the fundamentals. Moreover, net users and institutions are increasing. CZ uses the following expressions:
The 2000 dot com bubble burst didn’t kill the internet. On the contrary, it gave surviving companies a huge advantage.
Meanwhile, the CME FedWatch Tool shows the probability of a 100 basis point rate hike falling below 20 percent. This means that the Fed will likely raise rates by 75 basis points at its next FOMC meeting on July 27. On July 22, Fed Chairman Jerome Powell confirmed that rate hikes will likely slow after next week’s 75 basis points hike.
Crypto analysts see recovery as healthy
Crypto analysts Michaël van de Poppe, Rekt Capital, PlanB and others have previously confirmed a bullish rally if Bitcoin (BTC) stays above $22.8k by the time the 200-week key moving average (WMA) closes. Also, bitcoin prices rising above the $23.8k level are likely to push the price above $28,000. BTC and ETH prices are currently trading at $22.911 and $1582, up almost 12% and 32% in a week.
While explaining the Ethereum Roadmap at the Ethereum Community Conference in Paris, Vitalik Buterin confirmed that Ethereum will be deflationary after the Merger. A decrease in circulating supply will increase prices in the right conditions.
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