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CDS Crypto News ETF Momentum: Binance CEO Teng Forecasts Bitcoin Crossing 80,000 Dollars Threshold

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ETF Momentum: Binance CEO Teng Forecasts Bitcoin Crossing 80,000 Dollars Threshold

Richard Teng, CEO of Binance, predicts that Bitcoin will exceed $80,000 through inflows from ETFs.

Ecem EFE18/03/20241 Mins read347

Etf Momentum: Binance Ceo Teng Forecasts Bitcoin Crossing 80,000 Dollars Threshold

Crypto News- In a recent Bloomberg report, Binance CEO Richard Teng shared insights hinting at a potential uptick in Bitcoin’s value. Teng’s prognosis suggests Bitcoin could surpass the $80,000 milestone, fueled by inflows from Bitcoin exchange-traded funds (ETFs).

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ETF Momentum: Binance CEO Teng Forecasts Bitcoin Crossing 80,000 Dollars Threshold

Previously projecting Bitcoin to close the year at $80,000, Teng now envisions it exceeding this mark, citing a reduction in supply and sustained demand. Speaking at an event in Bangkok, Teng underscored the significance of the recent U.S. Bitcoin ETF launch in attracting institutional investors.

Bitcoin, the leading cryptocurrency, has already surged 56% this year, reaching an all-time high of nearly $73,798 just last week. Despite this, investor concerns about a potential bubble have surfaced, leading to recent bouts of volatility and sell-offs.

Binance CEO Teng Assumes Leadership Post-Zhao’s Exit Amid 4.3B Dollars Settlement

Teng stepped into the role of CEO after Binance’s Co-Founder Changpeng Zhao’s resignation in November, following the company’s $4.3 billion settlement with U.S. authorities.

Lately, Teng has consistently expressed optimism about BTC, notably referencing the number three as symbolizing his dedication to three key stakeholders: users, regulators, and partners. In the Bloomberg report, Teng reiterated that his forecast was a personal view, emphasizing that the Bitcoin rally wouldn’t follow a linear trajectory. He believes the market’s “ups and downs” will ultimately benefit it.

Sources:coinedition

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Ecem EFE

Since 2022, Ecem has been creating digital content, combining her passion for technology with writing. Continuing her education in the Mathematics department, Ecem focuses on producing in-depth content on areas such as blockchain, artificial intelligence, and cryptocurrency. She aims to simplify these topics and present them to a wide audience, sharing valuable insights into the crypto industry through her writing. With her innovative content, she strives to raise awareness in the digital world.