Binance CEO says that they will kick of 2020 with a bang

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“We Got it”, Says Binance CEO on Stolen $41 million. Bitcoin Closing $7,000 Gap

Binance CEO has replied to question asked by CNBC analyst Ran NeuNer over the state of the stolen 7,000 BTC by cryptocurrency hackers. In what may appear as if Binance Exchange has retrieved the stolen $41 million from the hackers, the CEO of the exchange replied NeuNer that he has gotten the fund.

“We got it,” says the Chinese-Canadian business man, Changpeng Zhao.

NeuNer, who said it could be messy if Binance has not covered the stolen fund, got a surprising reply from CZ.

He said: “Dude… don’t know how to reply without sounding arrogant. we got it. Will just leave it at that.

Replying further, CZ brought a post analysing that despite the 2020 bear market, Binance generated around $446 million in profits as against the projected $500 million.

This is no doubt that Binance’s revenue will cover the stolen fund especially now that the crypto market has started a bull run, the exchange will gain an equivalence of the hacked fund in no time.

Meanwhile, Binance is working day and night with dozens of crypto security experts to make sure this kind of hack does not repeat itself. McAfee and some other experts have pledged to support the exchange in fighting the hackers behind the stolen 7000 BTC.

Bitcoin (BTC) Closes $7,000 Gap.

There is more attention on Bitcoin than before. All eyes are now on the cryptocurrency market at large. The Bitfinex alleged scandal first created a panic before the Binance Hack added more afflictions.

While crypto investors were left in panic, Bitcoin remains undaunted, initially moved speedily to cross the $5,000 level, and later, it crossed $6,200, $6,300, $6,500 and $6,700 within 34 hours.

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At the time of writing, Bitcoin is trading at $6,921.39 USD with 8.49% gain in the last 24hrs. BTC dominance stays at 58.2%, a sign it is actually prepared for a bull run even ahead of altcoins.

Altcoins Go Ballistic with Bitcoin (BTC)

Altcoins have now been carried along. Unlike yesterday when they were almost in red, today marks a revolution for them. Ethereum for example has seen a price surge of $190.82, with a gain of 9.63%. The same thing holds for Ripple’s XRP, the digital asset is trading around $0.3217 with an added value of of 6.9% against USD.

All digital asset in the top 60 are in green save for Aurora and stablecoins like Paxos Standard, TrueUSD and USD Coin. In spite of bade news like the proposed ban by US congressman, Bitcoin is still souring higher.

Our authors have investments in cryptocurrencies. However, NewsLogical does not endorse any cryptocurrency project referenced in any of our article. Kindly read our editorial policy. In this wise, do not use any information presented here as investment advice.

Do your personal research before making any investment in cryptocurrency, the market is generally volatile.

Binance CEO: No Worries About the Future

Despite this year was tough for the cryptoverse, the industry is still very confident about the future and aims to grow by building things, Changpeng Zhao (CZ), CEO of Binance, a major cryptocurrency exchange, stressed in an interview with Bloomberg.

“I think people in the industry are still very confident about the future. So, there’s no worries about that,” he said, adding that his company wants to “kick 2020 with a bang.”

According to CZ, cryptocurrency price is a “very strong traction for speculators.” However, he believes that the industry will “grow with builders” who create new applications, which will eventually lead to increased adoption.

“There will always be speculation, which will cause the price to fluctuate Last year, it fluctuated upwards too much, and now we are in a correction phase,” CZ said. “But the long-term industry is sustained by real applications and real use cases of cryptocurrency, and a lot of people are building. So, that’s happening regardless where the price moves.”

Also, the market conditions haven’t changed Binance’s strategy at all, according to CZ. In addition to its Singapore fiat-crypto exchange launched in September 2020, the company is planning to set up “two or three in the next few months”. Furthermore, CZ stated that in 2020 the exchange will roll out ten more fiat-crypto exchanges as well as the company’s first decentralized exchange (DEX.) (The company released a sneak peek of its DEX earlier in December.)

“None of our plans changed. We are still pushing forward, very aggressively,” he said. At the time of writing, the 24 hour trading volume on Binance stands at more than USD 1.1 billion.

CZ also commented on the government’s role in the cryptocurrency space. The CEO urged for more clarity and regulation that would promote innovation.

When asked about his net worth, which was estimated to stand at around USD 2 billion in the beginning of 2020, CZ stated that he still holds all his assets in cryptocurrencies.

“All my net worth is still in crypto, and you can look at the market, it’s definitely down. But hey, it’s just a year. The industry has survived situations like this before, and I’m confident the same will happen again,” CZ said.

This statement by CZ echoes words of Brian Armstrong, CEO and co-founder of Coinbase, a US-based cryptocurrency exchange, who said in June that people are needlessly worried about the dip.

“I want to encourage you all to ignore the price of crypto and the headlines which will inevitably start to come up. Our job is to rise above that, finding our own intrinsic source of motivation, to come in and do our best work, regardless of what other people think,” Armstrong said in a motivational message to his team.
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Watch the whole interview with Changpeng Zhao below:

Binance CEO Changpeng Zhao Says Bitcoin Halving Not Priced In Yet

Changpeng Zhao, the founder and CEO of major crypto exchange Binance, suggested that Bitcoin’s (BTC) price has not yet adapted to the upcoming block reward halving.

Zhao suggested that Bitcoin’s price will see more upwards movement in the future during an interview on Feb. 20.

The CEO explained that, historically, Bitcoin’s block reward halvings have had a positive impact on the coin’s price. While he admitted that historic events do not necessarily predict future events, he noted that miners will have to spend almost two times as much to mine a single coin.

Zhao noted that an asset’s price is determined by demand, not the cost of production, but expects that miners will not be willing to sell below the price of production.

Demand is increasing while supply is decreasing

Furthermore, Zhao said that another consequence of a lower Bitcoin block reward is less inflation, which should also help the price rise. He noted that the effects of lower coin production will be augmented by an increasing number of users in the space, stating:

“The demand side is increasing, the supply side is decreasing.”

However, Zhao also explained that he expects there to be a resistance that will keep Bitcoin’s price around $10,000 for some time, saying, “There are psychological barriers around nice round numbers. So 10,000 is a very nice round number, so […] the price will fluctuate back and forth around that a bit.”

Investors increasingly bullish on Bitcoin

While Bitcoin’s price just dropped below $10,000 again, the outlook for Bitcoin is mostly positive according to many experts.

Recently, Cointelegraph market analyst Keith Wareing reported that this week saw Bitcoin’s ascending 50-day moving average cross over its 200-day moving average. This rare bullish sign is known as a “golden cross,” and he suggests that Bitcoin can hit $26,000 in just two months thanks to a bullish event that previously triggered 170% price gains.

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