Binance maintenance, the market lost 25 billion dollars

milandres0207

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Quote from: mrvuit on August 15, 2019, 08:52:02 AM

I know Binance is the largest cryptocurrency trading platform in the world, but is "Binance offline" the reason for losing 25 billion dollars of the market?

Yes its true, that binance is one of the biggest exchange in crypto business. Now, if binance is on under maintenance it means they are fixing somethings to their platform. But most of the time their user clients got afraid and panic, and the binance platform also loss their volume too if this kind of things happen.

SirLancelot

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Quote from: mrvuit on August 15, 2019, 08:52:02 AM

I know Binance is the largest cryptocurrency trading platform in the world, but is "Binance offline" the reason for losing 25 billion dollars of the market?

In years to come, if they have such issue, they would even loose more than that, the losses we are talking of is the profit that they ought to have gotten from the trades that would have happened within that space of time they were down, and binance is not only the ones loosing, there are people that would lose their trade too, those who are using binance platform to trade or have money inside binance wallet and linked to another trading platform.

What binance would even loose would be nothing compared to what all traders would lose at that time, but unfortunately, they can never avoid things like this because there would always be need to carry out Maintenance at a certain point, and because the market runs 24/7 unlike some sites where you have to do at midnight when people are sleeping.

Shadidalam1111

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I think that because of the problem of offline Binance has caused huge losses to the cryptocurrency market. I think that soon people will come to their senses and switch to Bitmex.

Crypt0BHunter

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Perhaps it looks like the famous meme "Coincidence? I don’t think"б maybe be CZ knows more than we

prof7bit

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Quote from: SistaFista on September 11, 2019, 09:18:10 PM

The more the exchange volume trading, the more volume of cryptocurrency will be lost if it doesn't running.
it will be normal if the market volume going down if there are some top exchanges maintenance.
Aside from that, we still can trading in other exchanges, and eventually the volume will spreading across other exchanges.

On the contrary, I believe that the trading volume in the cryptocurrency market should be maintained at a high level, even artificially. It is very important that on many exchanges we can buy Altcoins with high liquidity and large volumes.

shoreno

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Quote from: confreslamp on September 11, 2019, 11:17:42 AM

This is the problem of todays industry, everybody is likely to panic whatever happens.

not everybody but the one that who panic are mainly the one that hodl huge amount of coins because they are afraid about loosing but to us that dont have a large balances on our wallet . we can always accept if what ever the fate of crypto will end .

Quote from: confreslamp on September 11, 2019, 11:17:42 AM

Binance has a monopoly on the market and if something goes wrong like maintenance/hack or something else, huge crypto market starts to fall, because of a small issue.

there are lots of exchange sites out there not just binance and not all are using binance , these people wont care whatever happen to binance but they will only care if their own favorite exchnage have been undergo into some issues .

SistaFista

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The more the exchange volume trading, the more volume of cryptocurrency will be lost if it doesn't running.
it will be normal if the market volume going down if there are some top exchanges maintenance.
Aside from that, we still can trading in other exchanges, and eventually the volume will spreading across other exchanges.

confreslamp

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This is the problem of todays industry, everybody is likely to panic whatever happens. Binance has a monopoly on the market and if something goes wrong like maintenance/hack or something else, huge crypto market starts to fall, because of a small issue.

dotcoin.info

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Considering the fact that Binance is such a huge deal right now, so if their website is down, they will really lose a whole lot of deal. But then again, their decline started even before the site was offline so no one really knows the real cause of this downfall.

rachman mahesa

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Exchanges do need maintenance if they are needed. Certainly with Maintenance it would be even better for exchange. And losing 25 billion dollars only volume is reduced not losing the amount of money. Why Binance Maintenance, Certainly Binance does something.

Tipstar

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It was a scheduled maintenance and the users were notified beforehand. The exchanges calculates it's profit and loss due to such maintenance and so should the traders. As of the move in the prices of coins, I don't think binance would have such large effect on market as its short maintenance would bring down the prices of crypto. The volume of Binance alone is negligible when we compare with all other exchanges' volume.

key4co.in

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I doubt if Binance mentainance was the major reason for drop in total market cap for crypto. It might have contributed to it but not entirely the reason, sometimes decline in market cap just happens, don't forget that crypto is highly volatile. I think what also contributed to more dip are some major pump/dump channels who posted on their channels that BTC will touch 9,700$ and ETH will touch 150$. It's high time we removed so much sentiments in crypto, nowadays any slight FUD causes massive dump which isn't cool.

Khuongcute2503

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Quote from: mrvuit on August 15, 2019, 09:18:12 AM

Quote from: globalking on August 15, 2019, 09:09:50 AM

yes because Binance is the leading exchange if the website is down surely there will be some huge loses we have seen this in the past also.

Do you think trader is too sensitive?
It's only maintenance, it's not hacked or any other serious problem.

I don't think sensitive traders. Any activities that interrupt, detrimental to the trader is also a danger.

So losing 25 million dollars is obvious.

MikeyVeez

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Maybe a good sign that Binance is manipulating the market? The daily trading volume on Binance is only 1 billion USD, so how can they cause such lose? Roll Eyes

digitalblock

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Many people have a very large amount of funds on the Binance platform. And as we all know - the money should work. And I think that large investors have lost a very large amount of their income when they could not go to this platform for trading. Consequently, the market has lost volumes and capitalization.

omone1

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Last time when binance was hacked, there was no loss in the market. I definitely don't know why their is a massive dump in the market. This may be some kind of correction. No cause for panic though.

chocopapaya

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Of course binance maintenance was a cause for the market to lose 25 billion dollars.
Imagine if NASDAQ or Dow decided to just shut down for a day for "maintenance".
It would totally throw the entire stock market off.
Commodities, securities, stocks, and yes, crypto are affected by second to second trading decisions and price fluctuations.
When the vast majority of a coins trading volume comes from Binance and it suddenly stops.
It will have a huge impact on its price in other exchanges.

But, a smart trader can take advantage of this through arbitrage or by even simply buying back in.
Temporary setbacks are exactly that: temporary.
The market will rise again just as quickly as it fell.

VIP BTC

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maintenance is an effort to maintain a better direction, I think Binance maintenance is updating their exchanges in a better direction, the problem of loss is definitely when maintenance, because with maintenance transactions in binance will be temporarily stopped, or experience interference.

aioc

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Quote from: bartolo on August 15, 2019, 09:22:52 AM

No, it has nothing to do with it. When an exchange is under maintenance, the only effect is that there is less trading volume, but people don't sell their coins or something like that. Another thing is when a big exchange is hacked, but being in maintenance mode has no effect at all.

That's true this is something not to worry, every exchange has a period of maintenance, it's not unusual, people should not view this in a negative way, of course, the volume is not like when there is daily trading, Binance is the number one exchange in the market and has a big slice in the market.

masterrex

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Quote from: mrvuit on August 15, 2019, 08:52:02 AM

I know Binance is the largest cryptocurrency trading platform in the world, but is "Binance offline" the reason for losing 25 billion dollars of the market?

Binance mentainance is not the reason why the market was losing $25 billion dollars! Its a normal market movements Dumping is usually happen when something unexpected event or negative news that directly affecting the entire cryptocurrency market thats how crypto market reacts wethere its Good or Bad news!

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