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Binance CEO Comments on Bitcoin’s Historic Market Cap Surge

  • February 14, 2024

Binance CEO Comments on Bitcoin’s Historic Market Cap Surge
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Richard Teng, the new chief executive of Binance, the largest cryptocurrency exchange by trading volume, took to his Twitter/X account to issue a comment on the crucial milestone reached today by Bitcoin in terms of market capitalization value.

The world’s largest cryptocurrency not only surpassed the $51,000 level today, but it also regained $1 trillion market capitalization for the first time since 2021. Teng tweeted that this was a “big milestone for Bitcoin.”

Earlier today, on-chain data aggregator Glassnode pointed out that with this rise, Bitcoin surpassed such giants as Tesla, Walmart and also the fund of a rigorous Bitcoin critic Warren Buffett – Berkshire Hathaway.

Bitcoin continued pumping today in light of the new massive inflows witnessed by spot Bitcoin ETFs – over $600 million yesterday and almost half a billion the day before. SkyBridge Capital founder Anthony Scaramucci commented on that today, stating that inflows into BlackRock’s ETF IBIT have officially crossed the $5 billion level, leaving the other Bitcoin ETFs far behind.

Binance CZ faces prison time

As reported by U.Today earlier, the renowned founder and former chief executive of Binance, crypto billionaire Changpeng Zhao (widely known as CZ), may have to serve a prison sentence on charges set forth against him by the U.S. Department of Justice (DOJ), according to Bloomberg.

While a 10-year prison term seems unlikely for him, CZ may be put away for 18 months, which is a stark contrast to other leaders of cryptocurrency platforms who have gotten themselves in trouble with the law. CZ particularly was charged with violating the Bank Secrecy Act.

Initially, CZ pleaded guilty to the DOJ, and Binance paid a $4.3 billion fine, with CZ resigning from his leading position at Binance.

He planned to dedicate more time to himself and conduct selected consulting among young start-uppers. Also, CZ tweeted that he was curious about boosting cryptocurrency funding for biotech research.

Source: https://u.today/binance-ceo-comments-on-bitcoins-historic-market-cap-surge


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