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Binance CFO Talks About His ‘Exciting’ Journey in Exclusive Interview

It was the last hour of the final day at Paris Blockchain Week Summit. The charismatic Binance CFO Wei Zhao had been speaking back to back. Yet, despite the time and the fact that he must have repeated himself over and over for two solid days, he seemed undeterred. Wearing jeans and a Binance hoodie, he bounded up to meet me, vigorously shaking my hand, clearly enjoying being the man of the moment.


If this were a celebrity party, Binance would be the VIP guest. Changpeng Zhao (CZ)’s creation seems unstoppable. Every project wants to be on Binance, from regular token listings to holding IEOs on the Binance LaunchPad. The Binance Chain has just launched, its native BNB token is climbing in price, and the company has the power to influence the entire community and delist tokens at will.

Binance Won’t Be Leaving Malta Any Time Soon

Minister for Digital Affairs Cedric O later said in a press conference that one of their goals was attracting Binance to France. Yet Zhao confessed to me that he had no idea the French had pushed forward new regulation until now.

With a rather high taxation rate for crypto companies at 30 percent, regulations around ICOs (that no one’s doing anymore) and a lot less flexibility than Malta, it looks unlikely that Binance will move to France anytime soon. Although I wasn’t privy to any backroom chats.

binance cfo wei zhao

My interview was with Wei Zhao, the man partially responsible for Binance’s epic growth. “I help companies to scale and to grow,” he tells me. Binance now has over 400 people in 30 countries. That’s “a decent sized organization.”

One thing that I have helped to launch is our fiat to crypto offering. In January, we launched our fiat to crypto, pound to BTC. We’re also doing Singapore. Last year, we launched in Uganda… My approach has been basically to build up our presence in the regulated world and build up more fiat.

Bridging the Traditional Financial World with Crypto

With a background of working in traditional finance, and grooming companies to go public, it’s unsurprising that another major focus of Zhao is institutional investors.

“I worked in Hong Kong, so I’ve been CFO for about four different companies, two of which went public. So, I am quite adept in dealing with bankers, and working with bankers, I am a banker myself. I helped to launch our OTC trading services, Binance off-exchange services. I help bring people from traditional bond traders and that type of trader to cryptocurrency.”

Indeed, the surge in Binance’s OTC trading drove the company’s near $80 million first-quarter profits.

What It’s Like Working at Binance

I ask why he made the leap from traditional finance to crypto. He says he would not have done it for any other company than Binance.

I think we are really different from other companies. Most are just exchanges, but we really fiercely want to make an impact in the world… The journey has been awesome so far and I’m in it for the long haul.

One of the best things about his job? Traveling to different places. “I flew around the world four or five times already,” he laughs.

It does speak to the borderless nature of cryptocurrencies. Yes, it’s a digital business but at the end of the day, it’s still a human business, it’s a very human business. The reason this industry is growing so much is that people in this industry travel so much. Like 10 times more than in any other industry.

There’s nothing like human interaction, face to face human talking about things, that’s how you can really impact change.

Does the Recent Leap in Bitcoin Mean the Bear Market Is Over?

It’s not a decisive “yes” when I ask if the bear market is over. Zhao pauses and leans back in his chair. There’s a short silence before he forms his answer, leading me to believe the opposite may be true. But with the most profitable exchange in crypto, bear market or no, nothing’s stopping Binance. He says:

I think there’s generally a lot more interest across the board despite adverse regulation and other adversities. You see general interest in bitcoin from traditional industries, and the rest of the world is showing interest in projects and I think all of it will contribute to the continued growth of the market. The fact that people are thinking “how is this going to impact my business?” Facebook JPMorgan… it lends credibility to the space.

I ask if companies like JPMorgan and Facebook lending “credibility” is rather ironic, considering how Bitcoin was born. He replies:

You need a push which is driven by guys like Facebook and JPMorgan, that gets people thinking about how that’s going to impact institutions and the market. It lends credibility, mindshare, and shows that our actions are getting noticed, that’s what it takes.

What It’s Like Working with CZ

So, what’s it like working with one of crypto’s biggest personalities? “Awesome, it really is awesome!” he enthuses, “he’s extremely transparent, diligent and extremely honest, he’s also extremely intelligent, and very patient.”

changpeng zhao cz binance

I ask if he was in complete agreement about the recent delisting of Bitcoin SV, to which he nods his head. Presumably, he’s been fielding questions on the subject all day long and his answer is extremely diplomatic.

“We have a very rigorous delisting process, and we also have a regular quarterly review. This quarter a lot of the comments we’ve written out our rationality… I don’t have any other comments on that.”

Finally then, who does Zhao believe that Satoshi Nakamoto is? Clearly, not Craig Wright.

“I think its a community,” he replies. “It’s like ‘I am Bitcoin’, you know that movie? ‘I am bah, blah blah’? It’s like that with Bitcoin. It’s a community. And we’re surviving… I believe that every day that you survive extends your survival… There is a reason why he or she wants to remain anonymous, because it’s not important, it’s a community.”

What do you think of Zhao’s comments? Let us know your thoughts below!


Images via Shutterstock

The Rundown

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Analyst: Bitcoin (BTC) Likely to Drop Towards 4,600 Before Surging to 6,800

Bitcoin has been able to continue its slow upwards ascent and is now tepidly advancing towards $5,400, which has historically proven to be a strong level of resistance that BTC has failed to break decisively above since it first began surging earlier this month.

Now, one prominent crypto analyst believes that Bitcoin’s fractal patterns may signal that it will drop towards $4,600 before incurring significant buying pressure that will send it surging up towards $6,800.

Bitcoin (BTC) Slowly Approaches $5,400

At the time of writing Bitcoin is trading up less than 1% at its current price of $5,340 and is up slightly from its 24-hour lows of $5,280.

Bitcoin has been slowly grinding higher over the past seven days, climbing from lows of $5,000 to its current price levels. This upwards climb has led many investors to flip bullish on the cryptocurrency, as its current stability does appear to be very positive.

Despite this, The Cryptomist, a popular crypto analyst on Twitter, explained that she is leaning bearish on BTC in the near term as it is currently forming a rising wedge pattern that may lead to a breakdown.

“$BTC Fibs on the RSI and candle upon the daily are still reacting well. Additionally, we have formed a rising wedge here on 4hr, which typically leads to breakdown. This is only invalidated if 5390 can be broken and sustained,” she explained in a recent tweet.

BTC May Drop Lower Before a Fresh Rally Begins 

Other analysts seem to concur with The Cryptomist’s cautiously bearish assessment of Bitcoin, as its fractal patterns may be signaling that further losses are necessary in order for the cryptocurrency to surge higher.

Galaxy, another popular crypto analyst on Twitter, discussed this possibility in a recent tweet, saying that BTC may drop towards $4,600 before it incurs enough buying pressure to send it surging up to $6,800.

“Based on this daily fractal we should get another chance to buy $BTC at $4600-$4800 levels before the next run to $6800. Similarities in both candles and volume,” he said.

Although it remains unclear as to whether or not the crypto markets will incur any noteworthy volatility during the weekend trading session, it is highly probable that traders will gain a better idea of where the markets are heading next as the fresh week kicks into gear.

Featured image from Shutterstock.

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Who is Satoshi Nakamoto? John McAfee Seems to Know the Answer

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Who is Satoshi Nakamoto? John McAfee Seems to Know the Answer

John McAfee is pretty much loud and slear about everyrhing he does including his presidential campaign. Now, he gets involved into “Who is Satoshi Nakamoto?” buzz, and, according to him, frauds claiming to be the real Satoshi are hurting the space. He says false claims from people like Craig S. Wright are negatively impacting the growth of the entire industry.

He tweeted:

“I have received today dozens of communications from people and groups claiming to be Satoshi. Below is an example email and my responses. So people, please – i do know who Satoshi is. Don’t make yourself look foolish by pretending.

Again people, don’t make yourselves look foolish by contacting me and claiming to be Satoshi. If you need to contact me to reveal yourself then you are not him.”

The recent twitter fight escalated when Binance, announced that it will be delisting BSV coin which is backed by none other than Dr. Craig Wright. This news sent the cryptoverse in to a frenzy, and most influencers of the crypto industry welcomed it. John also jumped in to it and expressed himself on Twitter by calling the Binance founder courageous.

Wright has been serving people with legal notices for harassing him with tweets or comments. The barrage of lawsuits began with Hodlonaut, a Twitter user who seemed to have started the hashtag “CraigWrightIsAFraud.” He tweeted:

“It’s my considered opinion that BSV is using Craig Wright’s bogus claim to be Satoshi as a means to fraudulently increase their price. God bless @cz_binance for having the courage to delist them!”

Just for a reminder, Binance exchange has decided to delist and cease trading on all trading pairs for Bitcoin SV (BCHSV) starting from April 22nd, 2019.

And it seems that several major exchanges have voiced their support for Binance’s intention to delist Bitcoin SV, dropping its price heavily

Do remember that McAfee made his prediction of $1 million Bitcoin price by 2020 based on mathematics:

According to the his previous statements, the actual value of Bitcoin is based on the cost of its production (or mining), as well as on the total number of users and transactions on its network. McAfee has also stressed that Bitcoin was not a speculative investment but an instrument that powered a payment protocol working without banks.

Then, McAfee stated that the US dollar is widely used because people trust the regulator that issues and governs its value. When Bitcoin achieves massive adoption, its demand will surge, and there will be no need to issue dollar bills.

As a result, there will be a protocol that puts a pre-defined supply cap over Bitcoin printing – 21 million units – and allocates the task of minting it to miners. Due to the protocol, funds will be transferred more cheaply than by a bank, which will also foster Bitcoin adoption.

Who is Satoshi Nakamoto? John McAfee Seems to Know the Answer

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Crypto Trading Academy: The Stochastic RSI Oscillator

The Stochastic Relative Strength Index, or Stoch RSI for short, is a well-known momentum technical indicator in the crypto trading world and in general trading. The Stoch RSI utilizes aspects from both the Stochastic indicator and the RSI indicator. Essentially, the Stoch RSI is the Stochastic indicator, with action based on RSI levels in place of price levels.

The Stoch RSI, at face value, is composed of a numerical range of 0 to 100. The indicator comes standard with dotted lines at both 20 and 80. Typically, any action over the 80 range is labeled as “overbought territory,” and anything below 20 is thought to be “oversold.”

The Stoch RSI also has two interacting lines, labeled K and D. On the Stoch RSI, these values both come standard at a value of 3, with RSI and Stochastic lengths both at 14. In comparison, the regular stochastic indicator has lines called %K and %D, with values of 14 at 3 respectively, and a smooth value input of 3.

Fake-outs

Using the Stoch RSI indicator in terms of simple overbought and oversold conditions can be difficult, providing many fakeouts and false signals. The indicator also can stay in those high and low ranges for extended periods of time.

stoc_RSI_p1-min2

Periods Of Overbought/Oversold

Sometimes, however, it can be useful to note periods of overbought or oversold levels, when used in conjunction with other analysis and indicators. Utilizing multiple indicators, observations and methods can help come to a more well-rounded conclusion. It is essential not to take any one indication as fact that a particular outcome will definitely occur and to weigh multiple options and viewpoints.

Divergence

As with several indicators, traders sometimes can use the Stoch RSI to spot divergences between the indicator and price, gauging underlying momentum. Such divergences sometimes can lead to a change in price direction.

stoc_RSI_p2-min

Traders may, at times, also find it useful to recognize how the two Stoch RSI indicator lines interact as they cross over each other at varying points concerning price.

*This article, and its charts, contains opinions and interpretations from the author and should not be taken as any advice.

The post Crypto Trading Academy: The Stochastic RSI Oscillator appeared first on CryptoPotato.

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Analyst: Bitcoin (BTC) Likely to Soon See Massive Volatility as Golden Cross Pattern Forms

After losing its major upwards momentum roughly ten days ago when Bitcoin failed to break above $5,400, BTC has been able to hold steady above $5,000 and has tepidly clawed its way upwards towards $5,300.

Now, one analyst believes that Bitcoin will incur just enough buying pressure to propel its price up towards $5,800, at which point it will face significant selling pressure that may lead to a large drop.

Bitcoin (BTC) Slowly Climbs Towards $5,400

At the time of writing Bitcoin is trading up marginally at its current price of $5,300, up slightly from its daily lows of $5,230.

Although Bitcoin has been able to post minor gains over the past several days, it is important to note that is strongest confirmed level of resistance currently exists at $5,400, as BTC has failed to make any decisive advances past this level without being swiftly pushed lower.

Despite this, Bitcoin may be currently incurring strength that will allow it to surge up towards $5,800 – at which point it will likely find greater levels of selling pressure.

XC, a popular cryptocurrency trader on Twitter, shared his thoughts on Bitcoin in a recent tweet, explaining that he expects BTC to see another “scam move” up to the upper-$5,700 region, at which point it will be pushed back down.

“Seeing weak bearish moves all across the board here, think we get one more scam move up with a harsh peak around 5777,” he explained.

Bitcoin May Be on The Verge of Incurring Massive Volatility

One pattern that traders and analysts alike have been closely watching is the “golden cross” that Bitcoin is currently en route to forming. Previously, this pattern was only hypothetical, but it now appears that BTC will in fact make this formation, which would be highly bullish for the cryptocurrency.

One analyst believes that the formation of this pattern will lead to massive volatility that could either send Bitcoin’s price surging upwards or reeling downwards – depending on whether bulls or bears take this opportunity to strike.

“$BTC. Golden cross trajectory now April 24. (Was previously April 25). Should be interesting. Lot of hype that this is the “bull run” signal. If I were a bear or bull whale, that’s when I’d strike. Bull whale rides momentum of GC traders. Bear whale destroys their morale,” B.Biddies, another popular crypto analyst, explained in a recent tweet.

Assuming that there are not any massive price movements over the next several days that change the timing of the golden cross formation, investors and traders alike should not take the current stability in the crypto markets for granted, as it may not last for very long.

Featured image from Shutterstock.