Binance CEO: we’re seeing a “tactical retreat” with crypto “not a reversal” – CoinJournal
- Richard Teng indicated that the crypto market tends to bounce back after major geopolitical events
- Teng’s remarks come as Bitcoin dropped below $90,000 earlier this week following the news of US President Donald Trump’s trade tariffs on Canada and Mexico
What we’re seeing with crypto market prices is a “tactual retreat, not a reversal,” according to Binance’s CEO.
In a series of posts on X, Richard Teng said crypto markets typically bounce back after major events.
“History has shown that crypto markets react to macroeconomic shifts much like traditional assets, but they also bounce back with remarkable resilience,” he said, adding “what we are witnessing now is another short-term tactical retreat, far from a structural decline.”
History has shown that crypto markets react to macroeconomic shifts much like traditional assets, but they also bounce back with remarkable resilience.
Remember 2022? #Bitcoin briefly dipped below $20,000 during Fed rate hikes, only to recover as conditions stabilized. 📈
— Richard Teng (@_RichardTeng) February 25, 2025
Bitcoin drops to $87,000 for the first time since November
Teng’s post comes as Bitcoin dropped below $90,000 earlier this week following the news that US President Donald Trump had confirmed trade tariffs on Canada and Mexico.
Speaking to CoinJournal, James Toledano, COO at Unity Wallet, said many believed that Bitcoin’s price would continue rising once Trump entered the White House, adding:
“But the reality is that the price has gone south, likely due to tariff trade wars, fragile peace talks in Eastern Europe, and fears around DeepSeek’s impact on the US tech sector. But this could also just be a momentary lapse of pricing reason.”
Continuing on X, Teng said: “Price movements often overshadow what’s happening beneath the surface, but the core drivers of crypto’s growth remain firmly intact.”
Crypto ETF filings on the rise
According to Teng, the rising number of crypto exchange-traded funds (ETFs) is a good sign for the market.
He added that market cycles come and go, but the fundamental indicators of crypto’s strength are getting stronger.
Earlier this month, the Chicago Board Options Exchange (Cboe) filed four separate filings on behalf of issuers to launch spot XRP ETFs.
Last week, the US Securities and Exchange Commission (SEC) acknowledged 19b-4 filings from Grayscale to list spot Dogecoin and XRP ETFs. More recently, Grayscale filed for a Polkadot ETF, making it the latest crypto ETF application submitted in the past few months.
In October, Bitwise filed an S-1 form with the SEC for an XRP ETF. Similarly, Canary Capital filed for an XRP ETF last year, reflecting its broader strategy of bringing multiple crypto ETFs to the market.
