In Binance, which is seen as the world’s largest cryptocurrency exchange, CEO Richard Teng said he does not think the declines will be long-lasting. Making a brief assessment on the subject on X, Teng made the following statements:

“Recent sharp drops in crypto & equity prices are influenced by macroeconomic factors. We do NOT believe it’s indicative of a long-term negative trend. With potential Fed rate cuts & geopolitical volatility, there’s still significant potential for market fluctuations. Reminder to always DYOR & stay informed. Keep building!.”

Binance’s own token, BNB, also took its share of declines. In recent weeks, BNB, which reached the $600 level for the first time after 2021, is trading at $430 today.

Today, the US media made a surprise claim for the Fed interest rate cuts pointed out by Teng, and it was written that the Fed could make an emergency interest rate cut within a week.