Opinion?
I’d like to know your opinion on what do you think will happen once deposits and withdrawals open again on binance? Given that it’s the largest exchange, market’s bound to swing….do you think there’ll be more deposits associated to fomo thus price increase or more withdrawals as binance clients finally get to transfer their BTC out and exchange to fiat?
I wonder if alts will receive a boost? People could still buy more bitcoin on coinbase etc, but once binance is back they can add fresh funds to alts.
Been thinking about this as well. Hard to say. I read an article today though that tracked recent volume of large transactions and the majority of the money (appx $569 million) was moved to wallets. Which indicates more of a holding pattern rather than trading.
So. I personally expect more upside. I do think there will be a pullback. But to what level depends on from what level. Which is really an unknown.
Remember that the average amount of bitcoin gains happen within 10 days of a calendar year. Outside of that it averages a 25% loss. So, hold on. Whatever the case this will be a wild ride. The beast has awoken.
ALT season will start, no use to withdraw coins from Binance since its almost the only one liquid ALT market and i belive there will be BTC deposits to enter in some ALTS.
Binance is one of the largest exchanges, but not the largest regarding trading volume. More so I believe it’s a place that most that are new to the crypto space begin their journey.
I’ve done some thinking on this and one of two things are most likely to happen:
1) because of the recent surge in overall market cap in the space, and the double digit percent increases in BTC, ETH, etc., people will either want jump on the bandwagon and try to make a quick buck, or
2) there will be a large number of withdraws from the exchange to keep their funds safe. These people will house their coins in hardware wallets or desktop wallets. I’ve been advocating for people to ONLY keep what they plan to trade with on ANY exchange to avoid the heartache of losing money due to a hack.
That being said, I’m leaning towards the former outcome due to CZ’s complete transparency and constant updates on the situation along the way. I’ve never seen a hack handled better than CZ has done in the last week. Huge props to CZ and his team.
Good question. I don’t think it’ll do much to price as those withdrawing will be offset by those who add more. Either way, crypto moves in ways that are hard to explain, so if anything happens we won’t know it was binance!
BNB and other alts will rocket up, as people move their BTC profits into currently cheap alts.
My apologies, I must’ve been looking at fake trading volume on coin stats. After looking at coin market cap I see what you mean. I’m glad I started back on Reddit, I always learn something useful from you guys here. Thank you!!
Sane users with coins on Biance will exit the market , maybe move to Kraken or look for Fiat off ramps .
No one who cares about their personal holdings would keep an account open on an exchange that just got taken for the ***SECOND*** time with no suspects in sight.
When u fear keeping ur money as usdt and u cant withdraw to cash it, what happens? U have to keep your btc