Bitcoin Forum

Happy Sunday everyone!

I just came across this one: https://www.newsbtc.com/2019/06/15/bitcoin-price-jumps-above-8700-following-binance-us-closure/

Now we are sitting at $9,091 after breaching around $9,300 a few hours ago. Following the announcement of Binance not serving US customers anymore, is it possible that this is one of the reasons that made Bitcoin’s price go up as much as $9,300.

I know that this news isn’t the only factor that made Bitcoin’s price go up, but could this be a major reason nowadays?

I would love to hear some thoughts or opinions from the community regarding this one. No matter if it’s positive or negative, I would highly appreciate it. Cheers!

P.S. If I were a US customer, it’s not gonna impact me that much because there are lots of exchanges in the market, especially DEXs.

i find this news a bad news because it will bring a negative effect in the market but its strange that btc price is still increasing ? it should fall down because those u.s costumers will sell thier btc since they cant trade on binance anymore  however there are still alot of exchanges out there ( as you mention ) so that should patch the problem .

We should not dismiss the possibility of Binance factor in recent bitcoin jump, but this is not only reason since price is on a rising path from April big jump of $1000 in less then a hour. If it is true that traders sell "bulk of altcoins", then this is for sure added extra fuel in bitcoin rocket and $9k level is once again breached very easily. What is more important is that the price still holds above that level despite some sells, but it is always like that when people take some profits.

This is maybe bad news for US customers, but Binance will open new crypto exchange for USA market. It is also important to say this is only affect users who are not verified, others can mask their IP by VPN / proxy and still use this exchange because there is no obligation for KYC for withdrawals under 2 BTC.

How strong the effect of that news for btc price increasing, that needs deep study. But from other view, there is a possibility that usa customers will be treated special by binance by the opening of us binance market. Perhaps this thing influence positively for the increasing of btc price.

I guess the bull run is the one taking the wheel here and the thing that had made us to the $9000 USD mark Because I really think that this kind of news may have a negative effect on the price of bitcoin and not the other way around, But even though Binance exchange had closed its doors to  the US citizens I guess there are plenty Exchange out there that will suffice the craving of certain US citizen and Cryptocurrency enthusiast alike.

Probably the reason. I wouldn't want to see someone pushing more conspiracy theory about it like more bankers opposing BTC are from US and were pulling the price down thru selling it on Binance but I guess traders from elsewhere are now buying more BTC, most probably from Asia.

Binance no longer services customers from US is just not a big hurdle as its just one exchange. There are hundred more exchanges out there that they can exploit. I guess right now the volume from US will be shared.

I'm more inclined towards a normal technical explanation. We've touched 9k twice in May and formed double top, after which we had a correction and a bounce of last chance that didn't reach 9k and was followed by an even deeper pullback. This is some by the book market action. It got even better later as we had double bottom followed by a higher low that shows exhaustion on the bear side and we formed another higher low on June 11 and were in a rally ever since.
I believe the price is drawn to the big round level of 10k and will want to retest it. We'll probably have a big pullback after touching it, but with Bitcoin you can never be sure.

It could be argued that the regulatory crackdown of alts is beneficial to bitcoin because the finite pool of money from investors will be diverted towards it, as bitcoin has no central headquarters or office for government agencies to harass, thus giving exchanges the green light to offer it to Americans and people of other nationalities. It could also be that bitcoin's decentralized nature makes it immune to legal or regulatory shenanigans.

Also, the crypto world is much larger than simply the U.S. In any case, Binance and other exchanges will figure out ways to service Americans in a compliant manner.

Why do so It will be the cause of losses for most US users. However, most people sell alto coins in this cell. It is true that they keep a little bit different than the market, but why. They have no fair answer.

Hey
Let me give you some possible causes.

 1. Facebook is introducing new cryptocurrency called libra , thus all the rivals of Facebook are backing up Bitcoins so that they can actually support someone who won't let the Libra win

2. The trading volume directly spiked in the last few days , suddenly breaching the 19 million record.

3.it is the month of June , we can especially expect gains in these mounts most people come forward to invest therefore I do think that it's just the investors piling up.

And wasn't Binance releasing a totally different platform for the U.S.?

If the decrease is due to that which is likely, traders trying to play around. Then it will get back to normal or a lot better when that platform is released.

This is probably the cause of the spike. US customers converting BNB into BTC. And if it is, then it is just temporary and the price will settle back once US customers withdraw their BTC and convert it to another altcoin or back to dollars.

Yes, they are, but there is no timeline for the launch yet.
https://www.coindesk.com/binance-says-its-launching-a-us-exchange-with-fincen-registered-partner

US traders won't go to DEXs because they offer much less liquidity than Binance, for example, or any other top exchange, that's one of the main reasons why DEXs aren't mainstream.

First one doesn't make any sense as a trigger for the recent spike. Second one was bound to happen due to the recent uptrend over the past week, but volume is still low if you compare it with previous weeks, and 19M isn't a record. Last one is just pure assumption and speculation, plus you're not saying why exactly June is a month where investors begin to move.

I think news like this doesn't really have a big impact in the future, it's just that maybe Binance gave previlige specifically for users from US.
After all, this also means that US citizens have the opportunity to use crypto again here. But it seems that if only US citizens are in it, that means later trading volume can also be smaller than Binance's global market,

That seems unlikely to me. It's probably one of the reasons altcoins and tokens are dumping -- because there will be less capital and demand on Binance to buy them up.

I'd say the Bitcoin market is just rising in spite of the Binance news.

dont think it should have effected the price in a positive light , but i dont know, sometimes you dont know about crypto what will make the price go up or down, some news that u think will effect it negative has the opposite effect.

I really don't see a correlation between US citizens and Binance denial leading btc been bullish. One thing I can see is that there is an inflow of fund into the market. If altcoins were seriously dipping and only btc mooning without new funds to the market, I would have reasoned otherwise. 

Bear run, more likely. But that's my opinion.

I do not think that is the driving force behind the present gains in bitcoins, If anything, it is suppose to cause some fears and therefore some panic sells. BitTrex is doing something similar.

while this could have been one of the reasons of the bull run
I highly doubt Binance refusing to serve US customers was the cause for such a  growth
besides the trending started much earlier , this is simply a coincidence
but I do not like how the top exchanges simply cut a solid part of their customer base off
there must be troubles with the US financial and other institutions so Binance chose not to bother and risk anymore

Personally, I'm still confused about the relation of Bitcoin bullrun and the new condition of Binance not serving the US citizens again.
However, this new rule is as the impact of strict regulation by the US, isn't it?
Whatever the new condition, I really hope that the market will be better again, we know that Binance is the biggest exchange for now and it probably gives some impacts

I don't see a reason why this can be viewed as bullish, both supply and demand on one exchange will be reduced, and Binance does not have a monopoly on Bitcoin market, so it shouldn't cause such a big price change alone. Also, Binance said they will start enforcing it one September 12, so there's plenty of time until some potential effects will come into play.  Overall it's most likely just a coincidence, Bitcoin has entered a period of big price movements, so naturally people try to find explanations, but the real explanation is that we are simply in a new bull cycle.

Personally, I think that this information stopped the BTC price run to 10.000$ and not the other way around.

You are assuming OP that all these people in the U.S started buying as crazy because Binance gets closed in 3 months?

I think this will be an issue and we lose some volume but still, I repeat after you: there are enough Dex and other exchanges that U.S citizens will able to buy BTC.

I don't think this is the reason, we are in a good trend and BTC is growing in a good pace
US customers will trade altcoins on other exchanges, there are other ways to do that

BTC has a large trading volume at Binance.  Binance's DEX system makes Binance get a positive rank from crypto users.  I think this is good news.  and that affects the price of BTC.  but I see BTC creating a bull run, but the altcoin creates a bear run.

There must be a good reason to cut the service to the US customers but I don’t think this one as the reason of breakout. Its not a direct news about bitcoin so its hard to say that, we can be more positive by looking at the chart and it say the uptrend is still good. Binance continues to develop, it can also be the reason of pump but no one really knows it.

Indeed. I personally think that is just one of the reasons to push bitcoin up again at $ 9k. But it is difficult to really consider whether this is the main reason? I think it originates from the trade war between the US and China. along with the latest statements for the G20 meeting. I would not be surprised if bitcoin continues to rise and touch $ 10k in the near future.

i don't see any connection between the rise and Binance news at all.

- the price started going up after the news came out and with a big space between them. usually when news is  the reason for a rise or fall, it starts before the news or at best right after the news not a long while after!

- Binance is still an altcoin exchange and not a bitcoin exchange so whatever they do will not have any significant effect on bitcoin price and this news was so small that it could not have any effects. lets not forget that despite all the speculation, Binance hack had no effects on price so why should this news?

- price was already on an uptrend trying to break $9k. the rise above it just coincided with this news alongside a ton of other news that the article shared in OP is deliberately ignoring!

- and finally it is such a small rise (4%) that you can simply ignore it since it is categorized under daily fluctuations.

Bitcoin bull run could be from many options and not just from binance or else. We know that the bitcoin price can go to a higher price without any notice, and we could only see what will happen later. So I don't think that it is from the binance itself and I think that the time for bitcoin to increase is come although after we reach the higher price before, the price now is down again. But still, the chance for bitcoin price to increase higher still wide open and we should be patient to wait. So let's wait for what will happen with this week and hope that bitcoin can increase more than $9500.

Yes, it is not the only reason. Their are many big news regarding bitcoin that may bring up to increased it's price. Some said the price hike of bitcoin is related to the near halving event of litecoin. Honestly, I do not if this kind of news really affect the price since I am hearing such expected $9000-9500 price speculates by some crypti enthusiasts.

This is the news: https://www.forbes.com/sites/billybambrough/2019/06/14/bitcoin-suddenly-bounces-heres-why/amp/

i'd be surprised if that lasts for long. with FATF guidance coming out in a few days, we're gonna see renewed pressure on exchanges to implement stronger AML/KYC. they're talking about regulatory transaction reporting on anyone who moves $1000+. if binance doesn't comply, malta is gonna show them the door.

definitely not going to last , I fully expect them to cut the daily withdrawal to some retardedly low sum
or introduce KYC on the first withdrawal over a total sum of , say 0.05
Binance can not just ignore what the US says , heck almost none can ( except China ,Russia ,Iran ,North Korea , India ... well some can )
and the course of action here is simple - cut the ways that money can flow in and out of the US economy
control it and tax it , or confiscate it when needed

i heard binance will be launching a new US fiat-crypto exchange similar to coinbase
so i think this booting of US customers from the current platform does not have reclining effect
its not a bad news at all

It also shows the US market isn't as important, this is the worlds's leading exchange after all, and the most people moving bitcoin are Chinese, with Europeans and Russians not too far behind.

Given that the regulations are for US citizens, it makes perfect sense to separate it, to not annoy their main customer base.

Otherwise you would have to attempt to discriminate users by country, and that means kyc...