Bitcoin Price and Binance

[Saf1211]

How many people think the price increase has been triggered by the fact that Binance has stopped withdrawals?
If so what happens to the price when Binance allows withdrawals again?

[pakhitheboss]

If I am correct Binance has started allowing deposit and withdrawal from today.

How can you relate the Bitcoin price hike with Binance. Binance is an Alt based exchange. The so called Hack did not bring the market down. How can the halt of withdrawal affect the market.

If the Market goes down it has to go up someday and that day is today.   

[Ailmand]

As for me, it has nothing to do with Binance. It's just that there's a high demand in the market. Bitcoin is already resistant to controversies and it doesn't depend or rely on any exchange like binance. The market has just continue recovering and it's a good thing for most holders.

[YuginKadoya]

It is not really related and has no effect on the current status of the movement of bitcoin, Well more accurately even though Binance would stop or not all their major transactions that would not have any effect, Because It doesn't really matter for just one exchange to do it and base on exchange they are base on Bitcoin trading and the probability of other cryptocurrencies to be converted to bitcoin is very high so nothing to worry about and we are now in the midst of bull run and returning to the past all-time high is the major thing bitcoin is doing right now.

[liss sa]

I think it's not related to binance. This year, IEO make new chancce for maket when people lost a lots.  Bull is running now.

[yoseph]

Bitcoin price has been steadily rising way before the unfortunate hacking of Binance and usually the hacking of crypto exchanges tend to have a negative effect on Bitcoin but this time around though it went down for a bit, it rallied after the hacking issue and this bull run has rather been very impressive.

[mk4]

How is it even related? How does Binance stopping withdrawals increase BTC's price? I doubt that people would think: "oh crap Binance stopped withdrawals, time to buy more BTC!"

[Pamadar]

I also don't see any relations between this huge pumped and that particular binance incidents, but if I get you correctly you are assuming that after the withdrawal process will be allowed inside binance the value of bitcoin will be dumped, maybe for a some days it can be but afterwards Bitcoin will make its way again to continue rising strong.

[Zemomtum]

This has not to do with Binance. Institution money are coming in we are at the stage of adoption. Microsoft, FaceBook, Samsung just to mentioned a few a now building on top of blockchain. Everyone just want to get involved and the FOMO this time arround will multiple what we have ever had in the crypto history.

[Adriano2010]

Bitcoin grow i think because maybe more whales buy and also people start buy and they will hold the coins for longer and maybe will grow more if more people will start to buy and hold. And indeed is interesting that the price grow more after Binance hack.

[The Sceptical Chymist]

If I am correct Binance has started allowing deposit and withdrawal from today.

Withdrawals are still suspended for me, and I've been checking frequently as I want to get some NEO off Binance as soon as I can.

As far as Binance's hack affecting the price of bitcoin goes, I don't really think this rise had anything to do with it.  There have been big exchanges that have gotten hacked in the past (Cryptsy is the one coming to mind first), and no one exchange's hacking or failure or whatever can influence bitcoin all that much.  Mt. Gox was a big exception to that, because if I'm not mistaken they held an enormous percentage of the total circulating bitcoin at the time, but that's not true of any exchange these days.

Binance might be very popular and very big, but there are a lot of other big exchanges today, unlike in 2013.  That's actually comforting to know.

[gentlemand]

We'll find out soon enough. I don't really get the folks who think nothing will change. It has an awful lot of pent up money that'll be looking to capitalise on the action that's taken place while it was frozen. No idea which direction it wants to go in though.

[ryzaadit]

They have some system upgrade right now, i think the Deposit & Withdrawl will be open after the system upgrade. You can check it a few hours again or tommorow.

[suzanne5223]

How many people think the price increase has been triggered by the fact that Binance has stopped withdrawals?
If so what happens to the price when Binance allows withdrawals again?

I personally dont think the bitcoin price increases was due to Binance withdrawals suspension but Binance does create something which helped the price of bitcoin market to surge when they advice their users to stop the pair trading of USDT and this make alot of people swap their USDT  to Bitcoin while alot of exchange also disable USDT now.

[traderethereum]

I don't think that.
I am sure that the increasing of bitcoin price has nothing related to binance stopping the withdrawal.
But I see my bitcoin withdrawal in Binance got suspend too like other people so I was wondering what will happen later to binance since we cannot withdraw bitcoin.
I hope that this will not take too long and hope binance can solve the problem as soon as they can.

[BitHodler]

We'll find out soon enough. I don't really get the folks who think nothing will change. It has an awful lot of pent up money that'll be looking to capitalise on the action that's taken place while it was frozen. No idea which direction it wants to go in though.

How so? People have their lovely Tether and a bunch of other stablecoins to hedge a potential drop in value. I doubt we'll see an effect on the price when they resume operations in full.

I would even like to add that it's unlikely to see people part with their coins at this stage because selling now could just as easily mean that you're missing out on even more profits, which is a factor to take into consideration.

I hope that people rethink why they shouldn't leave their funds on an exchange, especially with how not every exchange handles hack incidents like Binance. If it was an other exchange people had to swallow a loss right now.

[exstasie]

How many people think the price increase has been triggered by the fact that Binance has stopped withdrawals?
If so what happens to the price when Binance allows withdrawals again?

No withdrawals from Binance = less BTC supply being sent to fiat exchanges. At the same time, no deposits to Binance = less BTC supply from fiat exchanges being bought and sent to Binance.

It's hard to know which had the bigger effect and therefore if BTC/USD prices were driven up or down by this situation. Chances are, the effect was minimal.

We'll find out soon enough. I don't really get the folks who think nothing will change. It has an awful lot of pent up money that'll be looking to capitalise on the action that's taken place while it was frozen. No idea which direction it wants to go in though.

Trading on Binance has been active the entire time that withdrawals were suspended. Traders have been able to capitalize on the action the whole time. If anyone wanted to hedge to fiat, they could have traded to USDC, TUSD, USDT, PAX.

[LeGaulois]

Yeah, agree, nothing related to Binance. This exchange is too big and it's just a minor issue which has already stopped (following @pakhitheboss comment). It's not like if suddenly Binance announced they don't have money anymore.
It seems there is a lot of ups/downs (high volatility) and we aren't used anymore to see such. So we try to find all kind of arguments to explain the rise (and me too).

This has not to do with Binance. Institution money are coming in we are at the stage of adoption. Microsoft, FaceBook, Samsung just to mentioned a few a now building on top of blockchain. Everyone just want to get involved and the FOMO this time arround will multiple what we have ever had in the crypto history.

So, they would invest directly in Microsoft, FB, etc because Bitcoin has nothing to do with these companies

[EastSound]

I really do not believe that one exchange can artificially pump the price because there are multiple big exchanges besides Binance. People would be already suspicious if something is happening with the BTC/USD trading happening in Binance.

[ghermghuda]

I don't believe Binance's halted withdrawals is the sole reason behind the recent Bitcoin pump, but what I guess is that there's some sort of influence. Bitcoin could've pumped with or without that circumstance and Binance can't be the only exchange to cause that. Maybe this was some mere coincidence or may be not, but time will tell.