Bitcoin’s resistance below $10,000 is increasingly frustrating a lot of experts, traders and speculators.
In the latest list of factors that will help BTC break its months’ long resistance, Binance CEO CZ thinks that given the current global financial situation, Bitcoin only needs time.
Speaking to Bloomberg’s Market and Finance, CZ said that Bitcoin has been relatively stable, considering the many events that have been happening around it, including the prevailing massive quantitative easing, resulting in a lot of fiat money flowing into the economy.
“I think sooner or later it’s going to break out. But right now, for the last little while, Bitcoin has been really stable and people have been calling it the stablecoin now.”
CZ further stated Binance’s data indicates that the altcoin season is currently ongoing, with more than 60% of Binance Futures’ volume coming from altcoins. According to the data, in Q2 between March 31st and June 31st, only three altcoins went down from the total 200 listings on Binance.
Elon Musk Is Fueling Altcoins’ Season?
CZ said that one of the many reasons that altcoins, for instance, Dogecoin, are experiencing a full-blown season could be Elon Musk’s continued campaign which has consistently been boosting the altcoin’s performance.
Dogecoin experienced a 20% price boost in the first week of July after a viral video by a TikTok user convinced others to invest $25 in the coin and stand to make millions when the prices hit $1.
In an earlier observation about altcoins, Changpeng Zhao said that 95% of altcoins will not thrive during the next altcoins season. His tweet said:
“Not all alts will pump during the nest #altszn. If a project has been around for 3 years but not much to show for, then… A few that have consistently pushed development will thrive.”
Bitcoin’s Is More Transparent and Traceable than Fiat Currency
In light of the recent Twitter scam involving Bitcoin which raised issues of Bitcoin’s and altcoins’ involvement in illegal transactions like money laundering, CZ defended Bitcoin by saying that it is more transparent and traceable than fiat money.
“Bitcoin is actually more transparent than traditional fiat. If someone robbed the bank, it’s actually quite difficult to trace the fiat cash, whereas with Bitcoin, there is an audit trail and people know there are three addresses now and people are tracking it now.”
As ZyCrypto previously reported, blockchain analysis firm Elliptic has been tracing the movement of funds by the twitter hacker and helping exchanges to flag any transaction activities associated with the stolen bitcoins.
