“Normal Volatility”: Binance Chief Downplays Bitcoin Rout, Points to Long-Term Gains
Binance CEO Richard Teng pushed back against alarm over Bitcoin’s recent sell-off, framing the 21% November plunge as standard market behavior seen across asset classes. Teng argued that the downturn is driven by a broader, global shift away from risk, not a crypto-specific crisis.
“What you’re seeing is not only happening to crypto prices,” Teng told a media roundtable, citing a general “risk-off” sentiment and deleveraging affecting global markets.
He emphasized Bitcoin’s resilience by highlighting that even at current levels, it trades at more than twice its price from early 2024, when the institutional wave led by firms like BlackRock began.
This defense positions the slump as a temporary correction within a longer-term bullish trend, rather than a fundamental breakdown.
