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Singaporean businessman Richard Teng is Binance's chief executive officer (CEO). Binance is one of the biggest cryptocurrency exchanges in terms of the volume of cryptocurrency traded every day. In August 2021, Teng became the CEO of Binance's Singapore division. In April 2023, he was appointed regional leader for Asia, Europe, the Middle East and North Africa.
Teng Breaks Down Crypto’s Tactical Retreat
The decline in the cryptocurrency market after US President Donald Trump's confirmation that tariffs on Canada and Mexico will continue is only for now and probably won't stay long.
Binance CEO Richard Teng spoke on social media platform X on the recent market volatility and encouraged investors to keep an optimistic mindset in spite of the decline. He pointed out:
“It's critical to consider this a tactical retreat rather than a reversal. Crypto has already been here and recovered much more strongly.”
He also discussed the importance of Federal Reserve policy, stating that although a rate decrease in March seems less likely, financial policy is still data-driven and depends on swift changes in response to shifting economic conditions.
Crypto Rebound after Macroeconomic Turbulence
As evidence that market downturns can be short, he cited previous market recoveries, including Bitcoin's recovery after falling below $20,000 in 2022 during rate rises by the US Federal Reserve. Teng underlined that the bitcoin market has historically shown resiliency despite macroeconomic difficulties. He said:
“History has demonstrated that cryptocurrency markets respond to macroeconomic changes similarly to traditional assets but also recover very well.”
He claimed that rather than a systemic decline, what we are currently seeing is just another temporary tactical retreat. The fundamental forces behind cryptocurrency's rise are still very much in place, even though price fluctuations usually cover what's going on behind the surface.
In an X post, Michaël van de Poppe, the founder of MN Trading, stated that a maximum spike in negative sentiment after a large number of "panic" comments is typically a positive indicator.
Exchange-Traded Fund Inflows
He stated that consistent exchange-traded fund (ETF) inflows and continuous regulatory filings indicate that institutional demand is still high.
“Institutional interest keeps growing. ETF inflows are still robust, and fresh applications are consistently submitted. Additionally, Binance keeps gaining new users on a consistent basis. Although market cycles fluctuate, the underlying signs of cryptocurrency's strength are becoming more robust.”
Teng reassured investors by highlighting the risk presented by market pullbacks while realizing their emotional impact. It is true that market declines can be alarming. However, these are also times when seasoned investors set themselves up for the next surge.
In closing, the Binance chief asked the cryptocurrency community to maintain focus and reminded them that the sector has shown time and time again that it can bounce back from losses.
