Binance CEO: Business Nonetheless Great, Despite Exchange Volume Dip

Speaking with CNBC Africa, Binance CEO Changpeng Zhao stated that despite lower trade volumes, the company is nevertheless “rewarding. ”
Binance cryptocurrency exchange CEO Changpeng Zhao stated that the company Isn’t worried over low trade volumes caused by the existing market slump, according to an interview with CNBC Africa posted on YouTube Nov. 8.   ”According to Zhao, Binance currently has one pound of the trading volume that it did in January 2018, but remains trading far above the volumes that the trade needed “two or even three decades back. ” The company is “nevertheless rewarding,” Zhao said.When asked if Binance remains opening new accounts “at an accelerating rate,” Zhao said that the trade remains signing up new users, but not just as in January or February, that had been “a very mad period. ”In relation to the total quantity of cryptocurrency that Binance holds, Zhao stated that it’s rising very steadily, particularly for Bitcoin (BTC) because “it’s a constant volume coin. ” in addition, the exchange is seeing a rise of customers depositing BTC. Zhao also implied that markets are experiencing a slow down period.The decrease in the trading volume leads to prices increase, Zhao stated, and if people trade less, they generally change coins to their wallets. But, the reverse has been noticed by Binance. “When we notice an increase in BTC holdings over time, that means that most likely individuals aren’t moving BTC to us” he also said.Speaking about possible catalysts for market movement, Zhao said that he does not have any response since “it’s very difficult to predict that would be the cause,” even though he stated he would bet on the entry of institutions into the industry, as they will ostensibly bring more stable and regulated coins.In October, investor and electronic currency urge Mike Novogratz predicted that institutional investors may begin entering the marketplace in the first or second quarter of 2019, that will result in fresh highs for the BTC cost. Prior to that, Novogratz stated that the cryptocurrency marketplace had found its underside. “6,000 has been held by Bitcoin. Yes, it’s off its predecessors, but it has shown itself as a store of value,” he said. […]

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