CEO of Binance Chanpen Zhao said that bitcoin eventually breaks out of the “corridor” in the $9000 – $9500, while it is “holding steady”.
On July 19 in an interview with Bloomberg Daybreak: Asia Zhao commented on the record low volatility of the cryptocurrency over the past few weeks, when a coin is relatively stably kept in the specified range.
“Sooner or later, bitcoin will break out of this range. Yet he is really holding steady. People call these coins stablename,” said Zhao.
CEO Binance also noted that bitcoin is still demonstrating a strong correlation with the traditional markets, does not justify the expectations of many investors.
“The stock market is probably a thousand times more cryptocurrency market. When there is a correlation [the stock market], people lose a lot of money. Many owners of cryptocurrency there is a desire to convert their investment in the [Fiat] money.”
But at the same time, Zhao says that in the long run “properties of the safe haven [of bitcoin] will occur”.