In the recent interview with Bloomberg on March 16, 2020, the CEO of Binance US, Catherine Coley stated the surge in trade volume during the coronavirus quarantine in Asia. When asked about the recent correlation between Bitcoin (BTC) and the S&P 500, Coley replied that both the traditional cryptocurrency markets are functioning a familiar long-term cycle.
In addition to that, she talked about what the market is experiencing at this time which is called the “CRIC cycle” where it performs as ‘crisis’ generates a market response which is followed by improvements that later on, it get back to the ‘complacency’ prior to the repeat of the cycle: if talk about the regular traditional asset classes, with Bitcoin, it is observed that complacency in the market has turned into crisis, causing panic which would generate sell-off across the board.
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Bitcoin is resilient to real-world supply-chain shocks
She gave emphasis on the cryptocurrency markets which are operated by technology that allow trading around the clock, regardless of the environment, describing the ecosystem as the supply chain problems that are visible from national traded stock. Later on she added the impact of quarantine which lead to a resurgence of trading volume in Asia and said that the same thing will happen in the U.S. where the company will get more guidelines on what quarantine is meant for America. Bitcoin being the only element that could engage people despite the safety and concern of the U.S. and on the global platform.
Current BTC prices are affordable for institutions
Coley mentioned that the crypto environment has witnessed a major significant from the last year adding that the present prices may lure institutional investment – there has been a massive growth in the crypto market , with institutions being able to tell who are the real players and prices have become affordable now for those institutions to join in.
When Coley was asked about the Bitcoin status as a safe-haven asset which has faced challenge by the latest market volatility, she stated that markets are trying to find out what this ‘safe-haven’ asset actually means. Though Coley predicted that the Bitcoin’s less dependency in the physical world is going to continue trading with strength despite quarantine efforts and economic challenges.
Since its launch in September 2019, Binance US has escalated the number of assets listed on its platform and in March, the exchange mentioned support for Tezos (XTZ) and has started accepting USD Coin (USDC) deposits. For availing more information about Binance, you can have conversation with the team of elite professionals who are there to guide you. You can always call on Binance phone number which is always active and the team is always helpful to assist the best possible situation.