Binance CEO: The volatility of Bitcoin is consistent with most asset classes

According to Reuters, Binance CEO Richard Teng said on Friday that the sharp decline in Bitcoin over the past month is due to investors deleveraging their cryptocurrency positions and an increase in risk-averse sentiment, which is consistent with the situation in most major asset classes.

Teng stated at a media roundtable in Sydney on Friday, "Like any asset class, there will always be different cycles and volatility. What you are seeing is not only happening in cryptocurrency prices. Currently, there is also a certain degree of risk aversion and deleveraging in the market. Although Bitcoin prices have fallen, its trading price is still more than twice that of 2024 levels. The cryptocurrency industry has performed very, very well over the past year and a half, so it is reasonable for people to take profits. Any form of consolidation is actually beneficial for the industry, allowing it to take a breather and regain its footing." When asked whether Zhao Changpeng would return to Binance after President Trump's pardon in October, Teng declined to comment.