Binance CEO “CZ” strongly reiterated a bullish outlook on the crypto market in a tweet on Saturday. He believes it’s time for “BUIDL” instead of “HODL” as the utility grows across the market. Net users and institutions in crypto are growing despite some failed projects and fewer sellers.
He cites the example of the Internet boom after the dot-com bubble burst in 2000. The companies that survived the crisis have grown into larger and stronger organizations.
Binance CEO “CZ” confirms that the crypto market is bullish
The crypto market has rallied strongly this week, with Bitcoin (BTC) and Ethereum (ETH) prices quickly surging above key psychological levels of $22,000 and $1,500, respectively.
With the crypto fear and greed index jumping from “extreme” to “fear” with the current reading of 31 and with Federal Reserve officials and the governor backing a 75 basis point rate hike in July, market sentiment is bullish become.
Binance CEO “CZ” has joined other crypto influencers to reinforce bullish market conditions. Binance CEO said in a July 23 tweet that activity around fundraising, investments, remittances, micropayments, remittances, DeFi, NFT, Metaverse, etc. is increasing. In fact, the failure of a few projects and a few people selling it didn’t change the fundamentals. In addition, network users and institutions are increasing.
“The bursting of the dot-com bubble in 2000 did not destroy the Internet. On the contrary, it gave the surviving companies a tremendous advantage.”
Meanwhile, the CME FedWatch tool indicates that the probability of a 100 basis point rate hike has fallen below 20%. This means that the Fed would likely hike rates by 75 basis points at the next FOMC meeting on July 27th. Federal Reserve Chair Jerome Powell confirmed on July 22 that rate hikes are likely to slow after next week’s 75 basis point hike.
Crypto analysts see overall recovery as healthy
Crypto analysts Michaël van de Poppe, Rekt Capital, PlanB and others have previously confirmed a bullish rally if Bitcoin (BTC) remains above $22.8k by month-end, the key 200-week moving average (WMA). Also, bitcoin prices climbing above the $23.8k level will likely push the price above $28k.
BTC and ETH prices are currently trading at $22,911 and $1582, up almost 12% and 32% in a week.
Ethereum will be deflationary after the merger, confirms Vitalik Buterin while unveiling the Ethereum roadmap at the Ethereum Community Conference in Paris. The drop in circulating supply will increase prices under the right conditions.
Varinder is a technical writer and editor, technology enthusiast, and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge of blockchain, cryptocurrencies, artificial intelligence and the Internet of Things. He has long been associated with the blockchain and cryptocurrency industry and is currently reporting on the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.
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