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Bitcoin [BTC] and other cryptocurrencies price saw a massive fall since ATH but “industry is growing very strong”, says CZ

Priya

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Bitcoin [BTC] and other cryptocurrencies price saw a massive fall since ATH but "industry is growing very strong", says CZ
Source: Unsplash

Changpeng Zhao aka CZ, the CEO and co-founder of Binance, spoke about the growth of the cryptocurrency market, during an interview with Boxmining at Binance Conference. The CEO also elucidated on the current projects in the space.

The CEO started by speaking about the current state of the cryptocurrency market. He remarked that, at present, the space is “much healthier” in comparison to last year. CZ also stated that there are “tons” of good opportunities to invest in right now than there were during the all-time high of Bitcoin [BTC] and other cryptocurrencies. He said:

“There were tons of bad opportunities to invest and people invest in those but I think today right now there’s lots of really good opportunities the valuations are good […] now they’re really good projects going on and you can see that everybody who’s participating here. They’re very still very enthusiastic […]”

CZ further stated that the cryptocurrency industry continues to grow stronger despite the massive slump in its price. Nonetheless, he did add that the price of Bitcoin [BTC], the largest cryptocurrency in the market, was around $300 two years ago and is currently in $3000 benchmark, adding that this change is “not too bad at all”.



This was followed by CZ speaking about the fundamental changes taking place on Binance such as launching fiat exchanges in 2019. He said:

“I think I said a few times in different places about where we do want to build five to ten Fiat on-ramps around the around different parts of the world. Hopefully, spreading out from different continents so that’s one that goes for – this year which is to get the Fiat on-ramps mark as well”

He went on to say that fiat exchanges are a limited factor for the industry’s growth and that Binance is targeting that particular factor in order to expand the space. Here, he quoted the example of their Jersey market, which is currently “overwhelmed with demand,” adding that, at present, there is a “pent-up demand there”. He added:

“So, at the same time so fiat is one way so right now the way I view it is although most of the money is going fiat so this much the crypto market cat so we need to get the Fiat coming in on the flip side on the other side of it we are working on the decentralized exchange.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin prices hit $150 billion market cap for the first time in 2019 as prices pump by 11%

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Bitcoin prices hits $150 billion market cap for the first time in 2019 as prices pump by 11%
Source: Unsplash

Bitcoin’s parabolic rise that started in April seems to be staggering as the increase in price vs. the number of days it took to increase was surprising, considering the prolonged bear market.

The recent pump on May 27 at 23:30 UTC [+5:30] pumped the price from $7.995 to $8,939 in 7 hours with each green candle forming one after another. However, the price reached a peak at 05:30 UTC [+5:30]. After which the price declined by 2.85%.

Source: TradingView

Moreover, at press time, the market cap of Bitcoin has reached a new high, i.e., $154 billion and the price reaching $8,900 is a new all-time high of Bitcoin in 2019. Bitcoin’s total rise YTD was 146% and in a 24-hour time frame, the price of Bitcoin was up by 8.71%.



Meanwhile, altcoins have also followed suit as Ethereum pumped by 7.21%, XRP by 7%, Bitcoin Cash by 9.53%, Litecoin pumped the most in top 10 as it was up by 11.23% in 24-hours. Tron, the eleventh largest cryptocurrency pumped by 13.84%, at press time.

Anthony Pompliano, a well-known Bitcoin enthusiast tweeted:

“Someone check on @nouriel. Bitcoin seems to be coming back with a vengeance ever since he blocked most of Bitcoin Twitter.”





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