Binance CEO “CZ” Bullish On Crypto Market Ahead Of FOMC Meet
Varinder Singh - Coingape
Binance CEO “CZ” in a tweet on Saturday strongly reaffirms a bullish outlook on the crypto market. He believes it’s time for “BUIDL” rather than “HODL” as the utility is growing across the market. Net users and institutions in crypto are growing despite some failed projects and few sellers.
He cites the example of the Internet boom after the 2000 dot com bubble burst. The companies that survived the crisis have evolved into larger and stronger organizations.
Binance CEO “CZ” Confirms the Crypto Market is Bullish
The crypto market has recovered strongly this week, with the Bitcoin (BTC) and Ethereum (ETH) prices rising swiftly above key psychological levels of $22,000 and $1500, respectively.
With the crypto fear and greed index jumping from “extreme” to “fear” with the current value at 31 and Federal Reserve officials and governor supporting a 75 bps rate hike this July, the market sentiment has turned bullish.
Binance CEO “CZ” has joined other crypto influencers to reaffirm bullish market conditions. Binance CEO in a tweet on July 23 said activities surrounding fundraising, investing, transfers, micropayment, remittance, DeFi, NFT, metaverse, etc. are growing. In fact, the failure of some projects and selling by a few people have not changed the fundamentals. Moreover, net users and institutions are increasing.
“The 2000 dot com bubble burst didn’t kill the internet. On the contrary, it gave the surviving companies a huge advantage.”
Meanwhile, the CME FedWatch Tool indicates the probability of a 100 bps rate hike has fallen below 20%. It means the Fed would likely go with a 75 bps rate hike in the next FOMC meeting on July 27. Federal Reserve Chair Jerome Powell on July 22 confirmed that interest rate hikes are likely to slow after the 75 bps rate hike next week.
Crypto Analysts Sees Recovery Overall Healthy
Crypto analysts Michaël van de Poppe, Rekt Capital, PlanB, and others have earlier confirmed a bullish rally, if the Bitcoin (BTC) stays above $22.8k, the key 200-weekly moving average (WMA) until the month close. Also, Bitcoin prices rising above the $23.8k level is likely to push the price over $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 Merge, Vitalik Buterin confirms while revealing the Ethereum Roadmap at the Ethereum Community Conference in Paris. The decrease in circulation supply will increase prices under the right conditions.
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