- “While many VCs have “paused”, we are actually more comfortable investing now,” Binance CEO CZ.
- Bitcoin is stuck in a larger range resistance with the upside limit at $3,600.
The CEO of the world’s largest cryptocurrency exchange, Binance Changpeng Zhao or otherwise known as CZ said earlier today that the company is perfectly fine with Venture Capital putting money into the crypto industry even as the market continues to spiral as opposed to investing while the market is down. The comments he shared via Twitter read:
“While many VCs have “paused”, we are actually more comfortable investing now.
Valuations are more reasonable, most have prototype/product, only strong teams left. Much better investment opportunities than at ATH.”
It is believed that the CEO made the comments in regards to another comment published by, Barry Silbert, the founder of a VC firm, Digital Currency Group (DCG) on Wednesday this week. Barry wrote saying:
“We’ve seen half a dozen fundraising deals fall apart over the past month after the lead pulled out. All is not well in crypto VC investor land. Good time to remind founders that a signed term sheet does not equal cash in the bank.”
Binance Labs, the VC branch of Binance was recently reported by CoinDesk, a crypto news website that it “will launch new incubator programs in Berlin, Buenos Aires, Lagos, Singapore and Hong Kong come March 2019.” This how Binance is comfortable investing at the moment, when the market is generally in the red.
Bitcoin price technical picture
Bitcoin refreshed 2018 lows towards the end of the session yesterday. The asset touched base with $3,200 as the sellers envisioned BTC/USD at $3,000. However, the buyers were able to draw the line in the sand preventing declines below $3,200. At present, Bitcoin is changing hands at $3,256.38, unfortunately the bulls do not have a catalyst to support above $3,300. The hourly moving averages are above the price to show that the bears’ influence is still significantly present in the market. Bitcoin is stuck in a larger range resistance with the upside limit at $3,600 and a support at $3,200 as seen in the chart below. Technical levels are not extremely bad for Bitcoin since the RSI has avoided the oversold region and is currently in a slight downward slope. The same trend is seen with the DMI on the same 1-hour range.
BTC/USD 1-hour chart
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