Bitcoin’s recent 21.2% drop is attributed to investors deleveraging and risk aversion, following broader market trends. The cryptocurrency hit an all-time high in October above $126,000. Binance CEO Richard Teng stated that despite the decline, bitcoin is still trading at more than double its 2024 levels.

Global markets are in turmoil as investors fear an AI-led valuation bubble could burst, despite positive earnings from Nvidia. Teng emphasized the importance of industry consolidation and taking a breather. Binance founder CZ’s return is uncertain after being pardoned by Trump in October.

CZ, a Canadian-born Chinese citizen, paid a $50 million fine and served prison time for money laundering violations. Teng took over as CEO in 2023. Binance continues to strategize under Teng’s leadership, emphasizing industry health and stability.

Read more at Yahoo Finance: Binance CEO Teng says bitcoin volatility in line with most asset classes