Amid a brutal month for crypto, Binance CEO Richard Teng contextualized Bitcoin’s 21% November drop within a wider global market retreat.
He identified the twin forces of “risk-off” sentiment and deleveraging as the primary drivers, mirroring sell-offs in other asset classes spooked by AI valuation bubbles and macroeconomic concerns.
Teng’s remarks serve to normalize crypto’s extreme volatility, insisting it is subject to the same cycles as traditional markets.
While acknowledging the sharp correction from October’s all-time high, he provided a key bullish data point: despite the rout, Bitcoin’s price has still more than doubled since the institutional adoption phase began in early 2024.
