Topic: Would Bitcoin Be Badly Hurt if Binance Goes Down? - page 6. (Read 844 times)

I don't think that Bitcoin will fall badly enough if Binance goes down, because if we look at the LUNA case, FTX, and several previous cases, where at that time the market was very chaotic, Bitcoin was indeed affected, but not so significant that it bled. From this we can say that even though Bitcoin is affected by these cases, it can still stand up and give confidence to its investors. Especially when talking about the US. Their influence is not as big as one might imagine on the crypto market. The US will never be a country that will drive or control too much in the crypto market, as they did the global banking system. They are just countries that have a sizable portion of the global crypto market and that's about it. They dream that they can control the crypto market globally let alone stop it.

Cryptocurrency exchange binance, cryptocurrency exchange coinbase, tether "cartel" are the three largest companies in the crypto industry. 

The collapse of even one of them is a huge shock for the entire cryptocurrency market.  When such an event occurs, it is likely that the price of Bitcoin will fall sharply in the short term.  However, this fall in prices will be short-lived.  Bitcoin may well exist without cryptocurrency exchanges. 

When Satoshi Nakamoto created the first cryptocurrency, there were no cryptocurrency exchanges. 

However, people have a need for marketplaces where you can buy and sell Bitcoin and other cryptocurrencies.  Perhaps as a result of the collapse of binance, there will be new decentralized solutions in this area.

I also don't really like centralized exchanges, just use them for P2P transactions due to the current situation in our country.
I actually think that even before the Binance exchange came into the crypto world, Bitcoin has had its ups and downs for various reasons, so I wouldn't think much different that if Binance goes down, the market will be down for a few days, maybe. In this case, it can have a little more impact because Binance is the name of a very big giant in the crypto world. But at the end of the day I think this impact will not last long and Bitcoin will return to its own track.

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Besides, I just got this news, 'Judge Rejects SEC’s Request to Freeze Binance.US Assets, Orders Parties to Compromise
The court has ordered the SEC to work with Binance on creating a plan that would safeguard assets while allowing the firm to carry out business as usual.'
source

That is because you never submitted the right details or you were wanting to cheat for you to pass the kyc, as far as i know their kyc system is the easiest and simplest kyc i have ever encountered so far without any delay.

There is no hidden truth about this but without his knowledge which he uses his exchange as one of the largest cryptocurrency exchange in the crypto space he would had just been famous as other crypto influencers.

What we would only see is blood bath, apart from that nothing much maybe after some weeks market would bounce back. Besides CZ or Binance are not the entire market of cryptocurrency again Binance exchange is not Bitcoin and Cz is not Bitcoin. So if whatever that goes wrong with Cz or Binance crypto market continues to soar and some other exchange may likely replace Binance.us or the entire Binance exchange. Let us not romance all this Binance of a thing as if without that exchange there wouldn't have been any positive thing that could come out of bitcoin and its progression.  

We know that Binance exchange has greatly played an important role by promoting the awareness of Bitcoin and cryptocurrencies at large at same time his is also making his profits by promoting his business globally through bitcoin and blockchain Innovation, so without the advent of Bitcoin and Blockchain I didn't think there would had been anything like cryptocurrency exchange. Hence, Bitcoin Development continuous while CZ sorts out all the issues that related to Binance.us.

The term "BADLY" isn't good to use because TBH, it will not hurt that much - at least for me. I wonder why people are focused on the news on whether they need to buy or not compare to the charts itself. Most of the investors are looking the news as their catalyst in whether they will buy or sell. This is the reason why the market is heavily affected when news like this happens.

Bitcoin would certainly be affected if the worst thing happens which is Binance going down, but the effects will be temporary in terms of the price of it. FTX going down, Terra Luna going down, and other events in the past has affected the crypto market, but we've seen that all of that effects are just temporary because at the end of the day, these type of events that are happening are opportunities for the investors to accumulate more thus, increasing the price after a few days.

Well, it's the Binance.US only that's affected, so I guess the whole company might get affected in terms of their revenue, but it will still run because they still have other exchanges that are outside US.

In terms of Trading Volume Binance is one of the largest cryptocurrency exchanges globally, and makes up a significant portion of Bitcoin trading volume. If Binance were to close, there would likely be a temporary disruption in trading activity, which could lead to a reduction in liquidity and potentially affect the price of Bitcoin in the short term.

From a Market Confidence perspective Binance has established itself as a reputable and reliable currency over the years. If it faces serious legal challenges or is closed due to regulatory issues, it could undermine investor confidence in the cryptocurrency market as a whole, including Bitcoin. This loss of confidence can lead to increased volatility and negative sentiment in the market.


As to whether the United States (US) is a major threat to the coin market is a controversial topic and has various examples from a Strict Regulatory standpoint where the US has taken steps to impose stricter regulation of the crypto market. Measures such as oversight of crypto exchanges, KYC (Know Your Customer) requirements, and stricter tax reporting obligations can limit growth and innovation in the coin market. This can negatively affect the market and put pressure on the value of the coin. Then there is the concern that the US may ban or limit access to certain crypto coins which means that if this ban occurs, it can reduce market liquidity and affect the price of coins that are traded. affected.

It is recognized that the US has global influence in terms of financial regulation and international relations. If the US takes a disastrous course of action on the coin market, other countries could follow suit, resulting in a wider and detrimental repercussion for crypto markets globally.

I personally assume about the current state of regulatory law against an exchange like Binance at the moment I think it could really benefit Bitcoin in the long term. as increased regulation can help improve investor protection, increase market transparency, and encourage mainstream adoption. If regulatory rules become clearer and stronger, it could attract institutional investors and further legitimize Bitcoin as an asset class.

If Binance goes down, the crypto market will have a huge impact, temporarily. As per coinmarketcap, Binance is the most used centralized crypto exchange at this moment with a trading volume of 7 billion + USD. Its closest competitor Coinbase has a volume of 826 million as per CMC. So you can understand how much trading volume will be impacted. The crypto market won't be able to avoid the impact.

However, the good part is that the impact will be temporary and the crypto market will be back on its feet sooner than later. The way the US is moving, multiple other countries will seize the opportunity to build a crypto hub. This shift is necessary for the better future of crypto.

They say, you do not get to the top, without stepping on other people... and CZ stepped on a few. We know that he just recently threw another exchange under the proverbial Bus, when he promised to bail them out..and then did a rug pull on them, by not granting them the loan in the dying hours of the deal. (Robbing them from the opportunity to get other investors and killing one more of his competitors)

So, let's step away from the idea that CZ are some kind of Bitcoin Jesus..... because he is not... and only another profit hunter, like the rest of them.  

Binance is essentially THE crypto empire of the world. It'd probably be good long term because then people would use a variety of exchanges instead of Binance totally dominating the exchange industry. But short term it'd be pretty disastrous if something happened to by far the dominant global exchange.

Binance is just an exchange like every other centralized ones both the oes existing and the one that have ceased to exist because of hack or bankruptcy, Binance will do no harm to the bitcoin network in no way except your bitcoin with them that will suffer loss, why should you keep using or holding your bitcoin on centralized exchanges that can take away your coins anytime just like other exchanges has gone down in the past, it's current challenges is not an internal one but an external challenges with government regulations on their exchange in US, Which means it's not a global issue or concerns, the worst could be them relocating from US if they didn't arrived being in accord.


Not at all, that's why bitcoin is a decentralized cryptocurrency, there's no manifestation of any central authorities over it market price or value.

Hurt ? not only bitcoin but also those investors that expect profit in the next coming days but this is just temporary .

Yes Binance is one of the biggest exchange but we knew that exchange is a business and there is always competition , while binance is there surely there will be more exchange to grow upon the fall of binance .

Bitcoin leaves not only because binance is there and it is because we as bitcoin users support this.

we can still purchase and use bitcoin even without this exchange .

Badly hurt in terms of what?

The price would be definitely great affected in short term because most of people only know and hold their coins in Binance, but after that the price would be back and stable because everyone can still trade Bitcoin via P2P.

Both of top exchange and US can affect Bitcoin price, but they don't have a way to completely shutdown Bitcoin.

No. Bitcoin has seen the failure of many exchanges in its lifetime so far. If binance went under a new one would just emerge, but bitcoin's resiliency is really a testament to the purpose that it was created for and is meant to liberate us from the corrupt fiat banking system. The US has this whole crack down to crypto right now because it is considered a threat to its own world reserve currency status, but right now the US is really going to be responsible for losing that because right now we have generated more dollars these last few years than we have ever printed in history. Crazy stuff! Great for BTC though!

More generally, the US is a major influence on the global economy, so the crypto market isn't the only one that will be impacted but isn't really threatening in some cases.
Currently, binance is the controller of the most dominant bitcoin traders, which indirectly they also assume the responsibility of trusting people, including non-binance users. If the term "down" that you mean interprets their failure to maintain their reputation, it will at least raise the fear of some groups and potentially disrupt the market situation.

There are many Binance exchanges, we have the US, NZ, etc. The Binance.us is the exchange having an issue with the SEC due to some rules that were broken.
If the exchange goes down, it will be the US exchange of Binance, not the whole Binance exchange and it will only lead to a dump in the price of the market but the market will recover.

If Binance goes down, cryptocurrency market will be hurt and fall down so Bitcoin will be affected too. However Bitcoin is Bitcoin and it can be traded on many exchanges, peer to peer too so if Binance goes down, there will be other exchanges for Bitcoin trading. It won't be hurt too long and Bitcoin is always Bitcoin, it won't die because of Binance that is only one of many exchanges where Bitcoin can be traded.

Risk and opportunity but the USA will not kill cryptocurrency market. They are smart enough to not kill themselves and give opportunities to other competitive countries like China, Russia and European countries. They are flexible to change their polices with decentralized power in their national political system.

as we know and feel, right now the price of btc is falling and what I know is the result and impact of the SEC suing binance, so I think if binance goes down fundamentally people will start not believing in bitcoin and crypto anymore. surely bitcoin will be wounded (price down).
 
but there are a lot of exchanges so if there are only 1 or 2 exchanges, it certainly won't be a serious problem for bitcoin and crypto. yes, hopefully the bitcoin price will go back up.

Isn't it the harm has been done already? prices are already stagnant with the news that SEC filed a case against Binance and we have been trading in this sideways pattern, $25k-$26k.

In case of Binance though exiting US, then maybe it will still have a impact, but I doubt that it will be huge. Maybe just a a few thousands of dollars. But then we've seen that bitcoin is so resilient with this kind of attacks and negative news that I don't see us recovering at the end of the year.

It's not that Binance will have a similar Mt. Gox effect, that time only Mt. Gox is the exchange, unlike today wherein we have a lot of options to choose.

First of all Binance is one thing, Binance US another, and that is a huge difference. If Binance US shuts down pretty much no one is going to care except eventually some Americans but I don't see why the market should collapse because of that. The SEC has no power to shut down or prohibit operations from the original Binance.

If the original Binance fails/scams or whatever it's a difference story, for sure it'll have an important impact in the market but bitcoin will survive for sure, no doubts about that.

I'd say there's always going to be an impact if relatively big exchanges shutdown, how big this is depends on how fast Binance goes under. If the process was relatively calm (yet determined already) I reckon most people are just going to move out of it and find a new exchange to set as the next big exchange people would use.

I don't think its going to affect the market that badly though. Maybe we'd see a big change for a day or two but after that we should be relatively stable again. Well unless Binance goes rogue though.