Binance CEO Richard Teng posts on X, expressing a strong bullish position on Bitcoin (BTC) despite the crypto’s monthly price drop.
Richard Teng, the CEO of Binance, has expressed extreme optimism regarding Bitcoin and the broader crypto industry, despite the recent decline in BTC’s price.
Today, June 25, Teng posted on X, “It’s hard to not be bullish,” which sparked a flurry of discussions throughout the global crypto community.
In the past day, Bitcoin experienced a substantial decline, plummeting to the $58K level.
Many participants in the crypto market are experiencing anxiety as a result of this price fluctuation.
However, Richard Teng’s remarks are not a response to this price action; rather, they are a reflection of a distinct market dynamic.
Teng Spotlights Rising BTC Adoption
On X, Richard Teng primarily emphasized the increasing global adoption of BTC.
In his post, the Binance CEO stated, “Sometimes I forget how much crypto has matured in such a short period of time,” pointing out the rise in global physical vendors accepting payments in Bitcoin.
Intriguingly, the chart shared on X showed a significant increase in the acceptance of BTC payments by vendors from May 2023 to May of this year, emphasizing the increasing adoption of BTC.
In light of the recent monthly correction in the price of Bitcoin, Teng remains optimistic about the upcoming days.
Despite the broader industry’s caution and investors’ concerns, Teng’s optimistic statements have sparked a flurry of speculation.
Simultaneously, BTC moved sideways after a rollercoaster ride in the past 24 hours.
Bitcoin’s Price Combats Volatility
As of writing, the price of Bitcoin (BTC) slipped 0.19%, currently trading at $61,192.88.
Over the past day, the flagship crypto experienced a low of $58,601.70 and a high of $61,658.89.
As per CoinGlass data, BTC Future Open Interest dipped by 2.40% in the past 24 hours, reaching $32.46 billion, worth 529.81K BTC.
Over the past day, a total of $100.77 million in bitcoin liquidations was recorded.
Collectively, this data may contribute to BTC price volatility.
According to a recent report, the BTC price is at risk of dropping to $50K due to ETF outflows and broader market factors.
However, Teng’s comments convey a sense of optimism regarding the token’s future.
