Changpeng Zhao, CEO of Binance, which is currently the world's largest cryptocurrency exchange in terms of trading volume, commented on the bullish outlook in the cryptocurrency market with a post on Twitter today.
In his statements on the subject, Zhao said, "The fundamentals have not changed. The benefit is growing. Fundraising, investment, transfer, micropayment, remittance, DeFi, NFT, metaverse… Few mismanaged/failed projects, few vendors. More users/organizations are still coming to the net. BUIDL."
While HODL comes from the displacement of the letters of the word "hold", which is used in the crypto money ecosystem and means to hold investments without selling; It comes from the change of the letters of the word "build", which is used to build in BUIDL.
CZ also touches on the developments on the internet after the 2000 dot com bubble burst, and states that companies that survived the crisis turned into larger and stronger organizations.
Crypto analysts Michaël van de Poppe, Rekt Capital, PlanB and others have previously stated that the uptrend could continue if Bitcoin (BTC) stays above the 200-week key moving average (WMA) above $22,800 until the month closes. In addition, according to the statements made, it is seen that the price of Bitcoin, which has risen above the $ 23,800 level, is likely to rise above $ 28 thousand.
In addition, despite the withdrawal at the weekend, Bitcoin has increased by 12% and Ethereum by 32% in the last week. The fact that ETH has performed better than BTC in this process is thought to be due to the announcement of the Merge date.
Also, while explaining the Ethereum Roadmap at the Ethereum Community Conference in Paris, Vitalik Buterin confirmed that Ethereum will be deflationary after the Merger. The reduction in circulating supply seems to have the potential to increase prices in the right circumstances.