Yet another saga looming to hit bitcoin.

KingsDen

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Quote from: robattfield on March 30, 2023, 08:01:02 AM

It has affected the market and scared many people, but I realized one thing about the market when in the face of continuous bad news the market still maintained and recovered. I see that people's confidence in this market is increasing day by day that is reflected in the price and other indicators that I am observing.
But it's understandable when seeing the market leaders being overlooked by the group, perhaps the competition in this market is still very small.

Indeed people's confidence in the crypto-currency market has increased drastically. When I was relatively new in the crypto world, I always panic whenever I hear news of this kind especially when it is related to exchanges, but after a while I researched on my own, base on my own personal research and conviction, CZ binance will always be here for the cryptocurrency industry. There is no kind of fud that will bring it down. I mean the owner of Binance is very smart.

Binance is actually working with some government of the world. And there is a secret agreement between him and the government. Besides that, he is always proactive to what is happening in the market. If something happens to the Binance, the market would be impacted so long, but I assure you nothing and absolutely nothing is happening to Binance.

Fivestar4everMVP

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I've been following this news for some time now and I must admit that it is worrisome, not for the bitcoin OGs who have mastered the act of hodling through every storm, and even using the storm as a period to acquire even more bitcoins at a cheaper rates.

My worry is for the new investors and potential investors who are still looking, what impression this would give them about the market, if for any reason, binance allows this to linger on to possibly turn into a crises, bitcoin price, as well as the entire market will be greatly affected, but on a personal level, it's nothing to worry about, bitcoin will always come back stronger and better at the end of every feud.

Though I trust CZ won't let this matter linger into possibly turning into a major crisis that would affect the market, he will see to it that is is resolved soon enough.

AmoreJaz

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Quote from: jrrsparkles on March 30, 2023, 10:38:02 AM

Anyone remembered FTX which is almost similar to Binance but it didn't affect the price of bitcoin in long term so the issues related to exchange may create temporary fall in the prices of cryptocurrencies but its fall of company not the cryptocurrency so don't worry about those issues related to regulators and Binance.

it may have short impact on the market, but btc always bounces back. whatever issues or failure we have witnessed, so far, btc remains its top position. we experienced a roller-coaster ride but as we've seen, btc is still here. a lot of alts died along this journey. up until now, if you want long-term crypto investment, i can say, you can count on btc. there's may be an impending worst situation, but that will just be one of the bottlenecks that btc can surpass.

serjent05

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Quote from: robattfield on March 30, 2023, 08:01:02 AM

It has affected the market and scared many people,

From my obesrvation, it does not affect the market at all.

Quote from: robattfield on March 30, 2023, 08:01:02 AM

but I realized one thing about the market when in the face of continuous bad news the market still maintained and recovered.

The market movement when the news is released is just a normal movement where people taking profit when certain price is reached. So the sudden drop of bitcoin price is more possibly due to the people taking profit and it was easily replenished since price goes back and recover easily, even touching $29k before another batch of traders sells for profit.

Quote from: robattfield on March 30, 2023, 08:01:02 AM

I see that people's confidence in this market is increasing day by day that is reflected in the price and other indicators that I am observing.
But it's understandable when seeing the market leaders being overlooked by the group, perhaps the competition in this market is still very small.

Bitcoin liquidity is well established and most weak hands are already shaken. People who are holding BTC now have more faith on Bitcoin than in what the government institution announces and issues.

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Quote from: Ketesnuko on March 30, 2023, 05:57:28 AM

The market is back in good shape already, if the government have any other shot left they should take it, we are still in a bear market now, I don't want any bad news when the market starts gearing up for the next bull market, CZ will survive and I can bet it will anyone CZ is the best man alive, and the US will regret treating him this way.

I don't believe we are in a bear market, bitcoin was trading above $29k yesterday after a long winter, and we are now back in the accumulation zone, which is the median between bull and bear, and now that the US government sees that the market is gaining momentum and attracting public attention, they are afraid that people who left will return, and some people are waiting for the bull run to begin so they can have the courage to start trading.

The US, as usual with their dirty tricks, would do whatever to tame the market. I have so many questions for the whole CZ because why didn't they probe him last year when things were rough? We are back and stronger this time, but they want to exploit that to suppress the market.

jrrsparkles

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Anyone remembered FTX which is almost similar to Binance but it didn't affect the price of bitcoin in long term so the issues related to exchange may create temporary fall in the prices of cryptocurrencies but its fall of company not the cryptocurrency so don't worry about those issues related to regulators and Binance.

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Quote from: Bananington on March 30, 2023, 09:45:44 AM

Quote from: CryptSafe on March 27, 2023, 08:01:43 PM

I noticed that the news affected bitcoin price as it dropped below $27000 but gradually picked up back above $27000. So far from my experience I have had on this space, cases like this tends to affect bitcoin as binance is the world leading Crypto exchange and also have influence over the Crypto community and market.

Do you think this saga would affect the bitcoin if it looms?

The effect on bitcoin was noticeable when the news was still very fresh. Another time to prepare for is when the court begins the case and pass a judgement on the matter. This kind of saga has the ability to worry the exchange more as they are already experiencing than it will to bitcoins, but a little effect will be recorded to bitcoin. Bitcoin cannot be affected by just one event massively, it will take a couple of events or a series of events for the price of bitcoins to be really affected negatively. I hope that at the time of the court judgement, another negative event will not occur that will join up with this to contribute to a downward movement for the value of bitcoins.

Well Binance CEO Changpeng Zhao had defended the exchange on US citizens who are users of Binance and had been denied access to the exchange thus it left to the exchange lawyers to prove that statement and defend it in the court when the case come up for hearing, I don't see any reason for the accusations now when Binance says they had been working with CFTC for more than two years without any issues, however whenever the cases is issued for hearing I don't think it will have any impact on the price of Bitcoin because there are millions of cryptos users outside the US thus that singular action by US court wouldn't affect the price.

Bananington

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Quote from: CryptSafe on March 27, 2023, 08:01:43 PM

I noticed that the news affected bitcoin price as it dropped below $27000 but gradually picked up back above $27000. So far from my experience I have had on this space, cases like this tends to affect bitcoin as binance is the world leading Crypto exchange and also have influence over the Crypto community and market.

Do you think this saga would affect the bitcoin if it looms?

The effect on bitcoin was noticeable when the news was still very fresh. Another time to prepare for is when the court begins the case and pass a judgement on the matter. This kind of saga has the ability to worry the exchange more as they are already experiencing than it will to bitcoins, but a little effect will be recorded to bitcoin. Bitcoin cannot be affected by just one event massively, it will take a couple of events or a series of events for the price of bitcoins to be really affected negatively. I hope that at the time of the court judgement, another negative event will not occur that will join up with this to contribute to a downward movement for the value of bitcoins.

robattfield

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It has affected the market and scared many people, but I realized one thing about the market when in the face of continuous bad news the market still maintained and recovered. I see that people's confidence in this market is increasing day by day that is reflected in the price and other indicators that I am observing.
But it's understandable when seeing the market leaders being overlooked by the group, perhaps the competition in this market is still very small.

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Quote from: nimogsm on March 30, 2023, 07:42:10 AM

These are not the first problems for Binance there were similar cases when the regulator tries to control everything.It is obvious that after the collapse of the FTX,other exchanges will be under close control, and this has both minuses and pluses.From the last thing I personally liked is that the exchanges made public reports on their reserves.I think that Binance will be fine and they will be able to negotiate with the regulators.

and there's nothing else for a centralized Exchange to cover because they have to provide a full report on their backups.
The collapse of FTX is indeed a dark event for the crypto world, but behind that, there are several positive things that can make Exchange management more transparent. Binance is currently the most popular Exchange and besides that Binance gives a full guarantee to its users with their SAFU funds.

If Binance can negotiate well with the Regulators, it is not impossible that Binance will start a new and more controlled chapter.

nimogsm

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These are not the first problems for Binance there were similar cases when the regulator tries to control everything.It is obvious that after the collapse of the FTX,other exchanges will be under close control, and this has both minuses and pluses.From the last thing I personally liked is that the exchanges made public reports on their reserves.I think that Binance will be fine and they will be able to negotiate with the regulators.

FrozenBit

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I see some things like this as the market gets bigger, but cryptobanks and decentraline banks, not to mention how tech unicorns care about the market after events like the collapse of traditional banks is what we're seeing. The leading binance will also be squeezed in terms of market share and the competition is understandable. I just hope that binance has the strength to withstand these things and grow in a more sustainable way.

Ketesnuko

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The market is back in good shape already, if the government have any other shot left they should take it, we are still in a bear market now, I don't want any bad news when the market starts gearing up for the next bull market, CZ will survive and I can bet it will anyone CZ is the best man alive, and the US will regret treating him this way.

passwordnow

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As you have said, it has already affected the market quickly. But as time goes by, this news will just affect the market temporarily in a quick manner and then the market will go back to its former and will recover hastily. Even if there will be more bad news than this from Binance. The market has shown how resilient it was and that's why, that news will have a significant impact at the beginning but then, it will just make the bitcoin stronger.

BenCodie

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Quote from: Merit.s on March 30, 2023, 04:27:40 AM

This will surely have effect on bitcoin price but it wouldn't be for long,since bitcoin can recover fast from any challenge that will hit the crypto market. Binance is the largest exchange and that is why the government is targeting it. It is a conspiracy of the crypto investment but they will fail. CFCT doesn't have the right over Binance who is a separate entity and I don't think Binance will fall for them. It is a matter of time and we will see what will be the outcome is this charge,bitcoin price will certainly keep on pumping up no matter the outcome of this problem. If the price dumps,it is an opportunity to accumulate more coins.

The effect on the market has already dissipated and I believe that the whole media string was to even the balance of longs to shorts because the market is too strong to manipulate downward right now. I believe we can expect more of this over the next few months...seemingly big, frightening news to get people to reduce their long positions or put up their short positions, then pump shortly after.

It also dissipated as it has been reported that China is opening their arms up to Crypto again and after so, makes the US look extremely irrelevant while they and their counterparts aim to tighten up their regulations.

Merit.s

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This will surely have effect on bitcoin price but it wouldn't be for long,since bitcoin can recover fast from any challenge that will hit the crypto market. Binance is the largest exchange and that is why the government is targeting it. It is a conspiracy of the crypto investment but they will fail. CFCT doesn't have the right over Binance who is a separate entity and I don't think Binance will fall for them. It is a matter of time and we will see what will be the outcome is this charge,bitcoin price will certainly keep on pumping up no matter the outcome of this problem. If the price dumps,it is an opportunity to accumulate more coins.

BenCodie

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Quote from: Husires on March 29, 2023, 08:12:06 PM

Does Commodities and Futures Trading Commission (CFTC) have the right to investigate all activities of Binance or Binance.us? As the platform stopped all activities in the United States.
Is the news appointed by any scope of them because I believe that Binance is a completely separate entity.
Let's see how the investigations will go, which I think will end with a fine.

They probably believe that they have the right to...though since all activities in the US have stopped and Binance is arguably a powerful enough entity to reject the requests of the CFTC, I would doubt a lot that Binance will be willing to cooperate with them, especially after Binance supposedly helped the CFTC and are now feeling "disappointed" (as cz puts it) about their actions. I would not be surprised if Binance figuratively flipped the CFTC off and continued on with business. I agree that a fine is probably what's coming though. I am curious to see the outcome.

Husires

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Does Commodities and Futures Trading Commission (CFTC) have the right to investigate all activities of Binance or Binance.us? As the platform stopped all activities in the United States.
Is the news appointed by any scope of them because I believe that Binance is a completely separate entity.
Let's see how the investigations will go, which I think will end with a fine.

Darker45

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This isn't the first time that Binance faces a legal battle. Binance has been at odds with so many governments for years already. They've been declared illegal in some countries and kicked out. It was even kicked out of the US way back in 2019. So I don't think this another issue against a government body will pull the price of Bitcoin down.

Binance has been controversial and has been all over the news for many years already. Issues like this won't be too big of a deal to the market, although if this results in Binance crumbling down or of CZ arrested, which is highly unlikely, it may indeed have a massive effect.

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Quote from: CryptSafe on March 27, 2023, 08:01:43 PM

Ever since I got to know about binance, they have always been on a logger heads with the SEC for one offence or the other and sometimes this affects the Crypto market.

Of lately, binance are at it again with
"Commodities and Futures Trading Commission (CFTC) with binance arguing that the CFTC’s charges “unexpected and disappointing” and said that Binance has worked with the regulator for over two years". For quite some times now binance been acting funny with another claims by the CFTC also making more specific claims against Binance which " the regulator said that the exchange and its executives willfully evaded regulations, did not impose identity verification at times, and told customers how to avoid compliance controls — meaning that Binance has not fully addressed the details of the regulator’s allegations".

I noticed that the news affected bitcoin price as it dropped below $27000 but gradually picked up back above $27000. So far from my experience I have had on this space, cases like this tends to affect bitcoin as binance is the world leading Crypto exchange and also have influence over the Crypto community and market.

Do you think this saga would affect the bitcoin if it looms?

Your opinions and contributions are welcomed. Let us discuss.

Source: https://cryptoslate.com/binance-calls-cftc-charges-unexpected-says-it-will-cooperate-with-regulators/

News involving major exchanges like Binance can have an impact on the overall crypto market, including Bitcoin, but those affects are usually temporary. If you look at the history (or news few weeks ago), you will see that the crypto market has proven to be resilient over time, bouncing back from various events and controversies. This Binance issue might cause short term volatility, people will panic sell, price will fall, others who has been in the market for a while will take this opportunity to invest more and then eventually the price will bounce back to normal. See the market now. Like you said it went below $27,000, but it is already above $28,400 at the time of writing this.

Topic: Yet another saga looming to hit bitcoin. (Read 330 times)