Binance CEO Richard Teng argued that Bitcoin’s current slide reflects broader risk-off deleveraging, and its volatility is in line with most major asset classes.
Richard Teng, the CEO of crypto exchange Binance, reportedly said Bitcoin’s volatility aligns with that seen in most major asset classes.
According to a Friday Reuters report, Teng said during a media roundtable in Sydney that all asset classes go through different cycles and volatility. “What you’re seeing is not only happening to crypto prices,” he claimed.
Teng also explained that Bitcoin’s recent drop was driven by investors deleveraging their positions and by risk aversion, which is in line with trends across most major asset classes. “At this point in time, there’s a bit of risk (off) and deleveraging happening,” he reportedly said.
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