Bitcoin bull run due to Binance no longer serving US customers?

[cheezcarls]

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.

[jakezyrus]

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 .

[Lucius]

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.

[hurry_hore]

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.

[YuginKadoya]

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.

[target]

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.

[coolcoinz]

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.

[pushups44]

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.

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.

[ttcsalam]

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.

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.

[fiulpro]

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.

[xWolfx]

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.

[jakelyson]

The BNB price dropped by as much as 17 percent against the BTC on Friday.

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.

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

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

[tomahawk9]

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.

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.

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.

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.

[b3llsf1l3s]

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 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,

[squatter]

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?

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.

[partysaurus]

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.

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.

[omone1]

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. 

[amyshek1979]

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

[sandra_x]

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.

[veleten]

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