PANews reported on November 21 that, according to Reuters, Binance CEO Richard Teng said on Friday that Bitcoin's sharp decline over the past month was due to investors deleveraging their cryptocurrency holdings and increased risk aversion, consistent with the situation in most major asset classes. “Like any asset class, there will always be different cycles and fluctuations,” Teng said at a media roundtable in Sydney on Friday. “What you’re seeing isn’t just happening with cryptocurrency prices. There’s also a degree of risk aversion and deleveraging in the market right now. Despite the drop in Bitcoin prices, it’s still trading at more than double its 2024 levels. The crypto industry has performed very, very well over the past year and a half, so it’s understandable that people are taking profits. Any form of consolidation is actually beneficial to the industry, allowing it to take a breather and regain its footing.” When asked whether Changpeng Zhao would return to Binance after US President Trump’s October pardon, Teng declined to comment.PANews reported on November 21 that, according to Reuters, Binance CEO Richard Teng said on Friday that Bitcoin's sharp decline over the past month was due to investors deleveraging their cryptocurrency holdings and increased risk aversion, consistent with the situation in most major asset classes. “Like any asset class, there will always be different cycles and fluctuations,” Teng said at a media roundtable in Sydney on Friday. “What you’re seeing isn’t just happening with cryptocurrency prices. There’s also a degree of risk aversion and deleveraging in the market right now. Despite the drop in Bitcoin prices, it’s still trading at more than double its 2024 levels. The crypto industry has performed very, very well over the past year and a half, so it’s understandable that people are taking profits. Any form of consolidation is actually beneficial to the industry, allowing it to take a breather and regain its footing.” When asked whether Changpeng Zhao would return to Binance after US President Trump’s October pardon, Teng declined to comment.