Changpeng Zhao talks about the next bull market; Coinbase downgraded; CFTC catches Celsius and its former CEO.
Binance CEO Changpeng Zhao has revealed his forecast for the next Bitcoin (BTC) bull market.
Changeng Zhao, who was a guest of the question and answer event held on Twitter the other day, talked about the historical four-year bull cycles of the Bitcoin price.
Zhao stated that he cannot see the future, but there will be a halving event in Bitcoin in 2024. Binance CEO said that 2025 is the most likely year for the next bull market.
The year after Bitcoin’s halving is usually a bull year.
CZ
Changpeng Zhao points out BlackRock and Bitcoin ETFs
BlackRock filed for a spot Bitcoin ETF last month. Thereupon, many companies, encouraged by BlackRock, applied for ETFs one after the other. Meanwhile, the cryptocurrency market also turned its direction upwards.
Zhao was also asked if he was concerned about BlackRock’s recent application for a spot Bitcoin ETF. CZ said that this is extremely beneficial for the crypto industry.
Institutional interest in Bitcoin has increased a lot lately. Alongside this, Zhao explained that Bitcoin’s upcoming halving cycle is also one of the main reasons Binance wants to be prepared for higher trading volumes over the next eighteen months.
Coinbase downgraded
Piper Sandler analyst Patrick Moley downgraded the stock market’s share rating, citing the difficult processes Coinbase has been through.
Analyst Piper Sandler, Coinbase Global Inc. The uncertainty surrounding it made it very difficult to predict how much revenue the company could generate, she said. According to Moley, the upcoming court battle with the Securities and Exchange Commission (SEC) remains uncertain for Coinbase.
Coinbase hits the lowest level
Piper Sandler analyst Patrick Moley downgraded his advice on the US-based crypto exchange from overbought to neutral, in a statement released Wednesday.
Coinbase’s second-quarter trading volumes and monthly active users are expected to be at their lowest in more than two years, due to challenges and a lack of regulatory clarity.
The analyst is not the first to raise concerns about regulatory pressures weighing on Coinbase. Last week, Berenberg warned that the stock’s steep rise in June could be short-lived after investors flocked to BlackRock Inc.
On the other hand, among analysts tracked by Bloomberg, 11 recommend buying Coinbase shares, 13 rated it as holding, and 8 recommend selling.
CFTC catches Celsius and its former CEO
The Commodity Futures Trading Commission (CFTC) officials have identified crimes against bankrupt crypto lending firm Celsius and its former CEO Alex Mashinsky. CFTC officials announced that the company had violated a number of US laws prior to its collapse.
Attorneys from the CFTC’s enforcement division, citing people familiar with the matter, found Celsius had misled investors, failed to register with the regulator, and that Mashinsky had violated a number of regulations.
If the majority of CTFC members agree with the inspectors’ findings, Celsius could be in possible litigation, according to published sources.
Celsius got on the CFTC’s radar
The company is expected to face legal action, which could be initiated by the CFTC, as the crimes later revealed.
Celsius CEO has already been subject to lawsuits by US regulators. As is known, the New York Attorney General’s Office filed a lawsuit against Mashinsky on January 5, claiming that the former CEO misled investors and caused billions of dollars in losses.
On June 16, 2022, securities regulators from five different US states launched an investigation into Celsius, three days after the company abruptly stopped withdrawals on June 13.
