CNBC crypto trader Ran NeuNer talks to CZ: 'I don't know why price is not moving'

10 Nov, 2018
by Joeri Cant
News
CNBC crypto trader Ran NeuNer talks to CZ: 'I don't know why price is not moving'

The host of CNBC's Crypto Trader show, Ran NeuNer, has a chat with Changpeng Zhao, better known as 'CZ', the CEO of Binance, where they talk about the way that Bitcoin, Ethereum, and other crypto assets are increasing in their holdings on Binance.

Ran NeuNer tells CZ that his reports show that exchange volumes today, are down almost 50% from last month and asks wether Binance is feeling the pinch?

'Not really' says CZ, 'Now we are very stable. The price is very, very stable right now.'

'When there is no movement in price, people trade less, which is kind of understandable.'

However, when CZ compairs today's trading volumes with january 2018, they are down 90%.

'We only have one tenth of the trading volume compaired to what we had in January.'

Zhao continued by saying that 'If you look at our cold wallets, the amount of BTC we hold, and the amount of it, especially for BTC because it’s the constant volume coin, but we have just seen an increase in people depositing Bitcoin’s to our exchange.'

He pointed out that this seems to be apparent for every cryptocurrency with Binance right now, noting that this is a 'very good sign' for their platform.

Zhao further talked about the way that the Over-The-Counter market is evolving, bringing in institutional investments.

'There’s at least 50% of volumes that’s not being reported on CoinMarketCap but Binance is not very heavy into that business. So, we don’t know the real volumes.'

When asked about possible catalysts for new volume or even the long awaited bullrun, CZ admits that this is a very tough question.

'I really don't know', he said, 'because it is really hard to predict which one will be the trigger'

'If you would have asked me two years ago which one would be the killer app, I wouldn't have been able to say it was going to be ICOs'

CZ basically has been asking himself the exact same question: 'why isn't the market showing any movement after all the good news that comes out?'.

However, he does believe that the introduction of more institutional investors in the market could be a strong trigger.

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