Binance maintenance, the market lost 25 billion dollars

[mrvuit]

I know Binance is the largest cryptocurrency trading platform in the world, but is "Binance offline" the reason for losing 25 billion dollars of the market?

[globalking]

yes because  Binance is the leading exchange if the website is down surely there will be some huge loses we have seen this in the past also.

[mrvuit]

yes because  Binance is the leading exchange if the website is down surely there will be some huge loses we have seen this in the past also.

Do you think trader is too sensitive?
It's only maintenance, it's not hacked or any other serious problem.

[bartolo]

No, it has nothing to do with it. When an exchange is under maintenance, the only effect is that there is less trading volume, but people don't sell their coins or something like that. Another thing is when a big exchange is hacked, but being in maintenance mode has no effect at all.

[StatesManG]

I really don't know what caused the recent downtrend in the market. There has been lots of rumors concerning the bear market and the binance maintenance is one of the rumors. Also there was a technical analysis earlier this week which talked about a bear market and the last was about the plustoken scam which is reportedly have about 70k btc and have been selling it off in batches of 100btc at any price

[xenomorphe1]

The market has lost 25 billion dollars because the maximum price of bitcoin had been reached and this price was unstainable. That's all. It is not because of binance. Don't dream that bitcoin is going to take 100 percent of the crypto market. If it does, bitcoin is going to be worth 0.

[Bravext]

The decline in the Cryptocurrency market started even before the Binance maintainance yesterday so I do not think the system maintainance had anything to do with the price decline at all.

[masterrex]

I know Binance is the largest cryptocurrency trading platform in the world, but is "Binance offline" the reason for losing 25 billion dollars of the market?

Binance mentainance is not the reason why the market was losing $25 billion dollars! Its a normal market movements Dumping is usually happen when something unexpected event or negative news that directly affecting the entire cryptocurrency market thats how crypto market reacts wethere its Good or Bad news!

[aioc]

No, it has nothing to do with it. When an exchange is under maintenance, the only effect is that there is less trading volume, but people don't sell their coins or something like that. Another thing is when a big exchange is hacked, but being in maintenance mode has no effect at all.

That's true this is something not to worry, every exchange has a period of maintenance, it's not unusual, people should not view this in a negative way, of course, the volume is not like when there is daily trading, Binance is the number one exchange in the market and has a big slice in the market.

[VIP BTC]

maintenance is an effort to maintain a better direction, I think Binance maintenance is updating their exchanges in a better direction, the problem of loss is definitely when maintenance, because with maintenance transactions in binance will be temporarily stopped, or experience interference.

[chocopapaya]

Of course binance maintenance was a cause for the market to lose 25 billion dollars.
Imagine if NASDAQ or Dow decided to just shut down for a day for "maintenance".
It would totally throw the entire stock market off.
Commodities, securities, stocks, and yes, crypto are affected by second to second trading decisions and price fluctuations.
When the vast majority of a coins trading volume comes from Binance and it suddenly stops.
It will have a huge impact on its price in other exchanges.

But, a smart trader can take advantage of this through arbitrage or by even simply buying back in.
Temporary setbacks are exactly that: temporary.
The market will rise again just as quickly as it fell.

[omone1]

Last time when binance was hacked, there was no loss in the market. I definitely don't know why their is a massive dump in the market. This may be some kind of correction. No cause for panic though.

[digitalblock]

Many people have a very large amount of funds on the Binance platform. And as we all know - the money should work. And I think that large investors have lost a very large amount of their income when they could not go to this platform for trading. Consequently, the market has lost volumes and capitalization.

[MikeyVeez]

Maybe a good sign that Binance is manipulating the market? The daily trading volume on Binance is only 1 billion USD, so how can they cause such lose? 

[Khuongcute2503]

yes because  Binance is the leading exchange if the website is down surely there will be some huge loses we have seen this in the past also.

Do you think trader is too sensitive?
It's only maintenance, it's not hacked or any other serious problem.

I don't think sensitive traders. Any activities that interrupt, detrimental to the trader is also a danger.

So losing 25 million dollars is obvious.

[key4co.in]

I doubt if Binance mentainance was the major reason for drop in total market cap for crypto.  It might have contributed to it but not entirely the reason, sometimes decline in market cap just happens, don't forget that crypto is highly volatile. I think what also contributed to more dip are some major pump/dump channels who posted on their channels that BTC will touch 9,700$ and ETH will touch 150$. It's high time we removed so much sentiments in crypto, nowadays any slight FUD causes massive dump which isn't cool.  

[Tipstar]

It was a scheduled maintenance and the users were notified beforehand. The exchanges calculates it's profit and loss due to such maintenance and so should the traders.  As of the move in the prices of coins, I don't think binance would have such large effect on market as its short maintenance would bring down the prices of crypto. The volume of Binance alone is negligible when we compare with all other exchanges' volume.

[rachman mahesa]

Exchanges do need maintenance if they are needed. Certainly with Maintenance it would be even better for exchange. And losing 25 billion dollars only volume is reduced not losing the amount of money. Why Binance Maintenance, Certainly Binance does something.

[dotcoin.info]

Considering the fact that Binance is such a huge deal right now, so if their website is down, they will really lose a whole lot of deal. But then again, their decline started even before the site was offline so no one really knows the real cause of this downfall.

[confreslamp]

This is the problem of todays industry, everybody is likely to panic whatever happens. Binance has a monopoly on the market and if something goes wrong like maintenance/hack or something else, huge crypto market starts to fall, because of a small issue.