Is there anyone else who shares the same sentiments?

[alastantiger]

The reason why the bitcoin market is not reacting so much to the SEC and Binance issue as much as we may have expected is because it appears to be more of a social attack rather than a direct attack on bitcoin network protocol, mining operations or blockchain technology. The market would have reacted differently if it was an attack on the network. Am I correct? I don't know much about the technical aspect of Bitcoin, but this is the best possible explanation I can think of for what is happening. Is there anyone else who shares the same sentiments?

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[KingsDen]

Binance is not bitcoin, binance is an exchange.
Even if Binance winds up today, Bitcoin will still exist.

[Stalker22]

The reason why the bitcoin market is not reacting so much to the SEC and Binance issue as much as we may have expected is because it appears to be more of a social attack rather than a direct attack on bitcoin network protocol, mining operations or blockchain technology. The market would have reacted differently if it was an attack on the network. Am I correct? I don't know much about the technical aspect of Bitcoin, but this is the best possible explanation I can think of for what is happening. Is there anyone else who shares the same sentiments?

What you mean by "social attack"?

From my understanding, the lack of significant reaction in the Bitcoin market could be attributed to the fact that the SEC's actions are primarily focused on altcoins and the platforms associated with them, rather than directly targeting Bitcoin. In fact, one could see this as a bullish sign for Bitcoin. Also, this situation is localized to the US and may not have a widespread impact globally. From where I stand, why should I even bother about the SEC suing some company over there? I mean, does it really affect me or anyone outside that jurisdiction?

[Hyphen(-)]

I think you are getting something wrong here.

The issue between Binance and the SEC has nothing to do with Bitcoin; the reason it has a slight impact on the Bitcoin market is because Binance is one of the most popular centralized exchanges.

Even if Binance is seized or prevented from operating, Bitcoin will continue to move since it is not dependent on any other coin, unlike altcoins, the market price of which is dependent on Bitcoin's.

[Zaguru12]

It is because it has no direct link to bitcoin, even the regulatory rules that binance were charged for are actually for security tokens and not even bitcoin. More so binance US isn’t the world’s binance so it won’t have any serious impact. What will have had a bigger impact will have been if all the bitcoin the binance exchange had, had been forced to convert into another coin or the exchange was hacked and all coins were moved. But even so it will just be a temporary hit too because bitcoin would still recover, Mt.Gox had a greater impact and bitcoin bounced back

[Onyeeze]

I think you are getting something wrong here.

The issue between Binance and the SEC has nothing to do with Bitcoin; the reason it has a slight impact on the Bitcoin market is because Binance is one of the most popular centralized exchanges.

Even if Binance is seized or prevented from operating, Bitcoin will continue to move since it is not dependent on any other coin, unlike altcoins, the market price of which is dependent on Bitcoin's.

But the issue is what that has making many people to be afraid of bitcoins, many people is uses one exchange to exchange their Bitcoin will panick concerning Binance issue presently, if I say that this issues is affecting other exchange's I'm not mistaken before theirs a delay in some exchange transaction but I don't know if it's happening generally

[Ojima-ojo]

The reason why the bitcoin market is not reacting so much to the SEC and Binance issue as much as we may have expected is because it appears to be more of a social attack rather than a direct attack on bitcoin network protocol, mining operations or blockchain technology. The market would have reacted differently if it was an attack on the network. Am I correct? I don't know much about the technical aspect of Bitcoin, but this is the best possible explanation I can think of for what is happening. Is there anyone else who shares the same sentiments?

Following up with the issue between sec and Binance I have come to the realization that truly CZ look unbordered and judging from his recent tweet indeed it looks like he is not answering the court order in person but the company lawyer will attend to the legal documents and procedures and this point to the seriousness of this court order.


So I am not surprised that this doesn't have much impact on the price of Bitcoin, this is not the kind of bad news that could affect the market since it doesn't affect abundance operations in anyways.

[tabas]

The reason why the bitcoin market is not reacting so much to the SEC and Binance issue as much as we may have expected is because it appears to be more of a social attack rather than a direct attack on bitcoin network protocol, mining operations or blockchain technology. The market would have reacted differently if it was an attack on the network. Am I correct? I don't know much about the technical aspect of Bitcoin, but this is the best possible explanation I can think of for what is happening. Is there anyone else who shares the same sentiments?

While SEC is attacking a company and not network, let's just still take the thought that you have through the BRC20 tokens. We've seen how it has affected Bitcoin network for the past weeks and how it made the transaction fees quite high and clogged the network as per mempool.
Although there is a huge difference for both of them but news do influence the market itself and we've seen a motion for the price. Whilst we saw how BRC20 craze made the network clogged, the price wasn't moved by inch of it but only the fees.

[Obari]

Binance is not bitcoin, binance is an exchange.
Even if Binance winds up today, Bitcoin will still exist.

This is typically  "A long story short"
And I wouldn't blame op because most times when I was still  ery new in the industry,  I at some point felt that binance was the office exchange of bitcoin as well as trustwallet which were both owned by cz, and you'll  agree with me that this both names( bonance and trustwallet) are one of the big names in the industry and anyone can easily feel or think cz is in charge because of the way he dominates the industry.

Op it is very correct that the market will be affected  greatly if anything happens to either trustwallet or binance because this seems to be the big boys of the industry but you shoukd know that the market will definitely  bounce back.

[Pandu Geddon]

Is there anyone else who shares the same sentiments?

big or small impact, it all depends on market acceptance of the circulating news. Binance is an exchange, the two are indeed something different. but both will probably have an impact on each other. a market built on a belief in Bitcoin. Likewise, Binance builds a marketplace with community trust. when negative news is given but the community in the market doesn't overreact, then the impact may not be that big.

[dzungmobile]

The reason why the bitcoin market is not reacting so much to the SEC and Binance issue as much as we may have expected is

Because Binance is a biggest exchange with huge capital of millions of user stored in their Binance account. If Binance collapses, like FTX did, it will create bigger impacts on the market. People are fearful about it latest weeks but it started since late of 2022. The lawsuit from SEC. is an escalation from what we knew.

because it appears to be more of a social attack rather than a direct attack on bitcoin network protocol, mining operations or blockchain technology. The market would have reacted differently if it was an attack on the network. Am I correct?

You can consider it as social attack, legal attack or part of China - USA trade war but as individual cryptocurrency user, we can not verify that information. It can be fud or can be real.

I don't know much about the technical aspect of Bitcoin, but this is the best possible explanation I can think of for what is happening. Is there anyone else who shares the same sentiments?

Binance if collapses won't relate to Bitcoin network. You are discussing about Bitcoin price on cryptocurrency market which will be affected if a biggest exchange collapses.

Binance collapse can have short term impact on Bitcoin network because as its consequence, Binance Pool will stop its operation too.

[cryptoaddictchie]

The reason why the bitcoin market is not reacting so much to the SEC and Binance issue as much as we may have expected is because it appears to be more of a social attack rather than a direct attack on bitcoin network protocol, mining operations or blockchain technology.

Some are senseless already about the issue on government anti crypto rally or trend. Though Binance are put into this kind of things. People on bitcoin infustry wouldnt badge abiut this, remember how many fud are circulating against different platform especially on cex when it comes to being an anti-crypto. Also Binance is the number one exchange and these things are only for Binance US customer. They really think they can do whatever they wanted.

[hugeblack]

My conviction that people still think of Bitcoin as a private company or in the same traditional way of thinking is increasing day by day. The term "social attack" cannot be used here.

All that happens is the market’s interaction with such news, where some can get this news and thus sell short at $27,000 because they are convinced that the price will drop in order to buy again at a low price, but when the price fell, many decided that it was an appropriate opportunity to enter at the support point So the price rebounded.

Also, the price of Bitcoin has become positively interacting with regulatory restrictions, as it is good in the long run for most investors (although it may be bad for the network).

[WhyFhy]

Time and time again we see these headlines intended to shake weak hands. As Bitcoin matures and solidifies it's dominance these articles and actions have less effect on BTC itself. Don't get me wrong some of these coins prices are directly tied to Bitcoin but nothing could bring it down as a whole not for too long anyways., Bitcoin always seems to do a good job of washing it's hands of bad news.

[Z390]

Lol, this is funny, this whole SEC action would have affected Bitcoin so much if the SUE is on Bitcoin, but the SEC never mentioned any Bitcoin, and Bitcoin is the father of all crypto, so it's expected that this won't affect the market that much.

Binance exchange is not Bitcoin and it has no relation with Bitcoin in every way.

The type of hunting that suits the SEC is going after centralized exchanges, and if they somehow fail to accomplish their goals, it's going to be the craziest bull market in 2025, I do hope for this to happen, let's hope I am right.

[Dunamisx]

The reason why the bitcoin market is not reacting so much to the SEC and Binance issue as much as we may have expected is because it appears to be more of a social attack rather than a direct attack on bitcoin network protocol, mining operations or blockchain technology.

It's only a dumb novice will assume this to be as well applicable on bitcoin because if one knows about bitcoin indeed there will be no thought on this regards no matter how, this isn't the first time exchanges will be falling, but in case of Binance, it's just an attack aimed at them and not the bitcoin network, Binance will finds it way out by all means or comply to their request, CZ is not Satoshi or the controller of the whole decentralized network, they are two different things here, Binance is an exchange being challenged by government regulations, which has nothing to do with the bitcoin network or market price.

[steve5946]

The reason why the bitcoin market is not reacting so much to the SEC and Binance issue as much as we may have expected is because it appears to be more of a social attack rather than a direct attack on bitcoin network protocol, mining operations or blockchain technology. The market would have reacted differently if it was an attack on the network. Am I correct? I don't know much about the technical aspect of Bitcoin, but this is the best possible explanation I can think of for what is happening. Is there anyone else who shares the same sentiments?

There's no possible way that SEC and Binance issue will affect Bitcoin. Even if Binance crashed today, Bitcoin will still exist.

I don't know why many people can't understand that the future of Bitcoin is not in the hands of any exchange, be it Binance, kucoin, Coinbase, etc.

While most Bitcoin holders maybe have held their Bitcoins in exchanges, some people have lost confidence in exchanges.

So, NO, the SEC and Binance issue is not going to affect the bitcoin network protocol, mining operations or blockchain technology.

[jrrsparkles]

The reason why the bitcoin market is not reacting so much to the SEC and Binance issue as much as we may have expected is because it appears to be more of a social attack rather than a direct attack on bitcoin network protocol, mining operations or blockchain technology. The market would have reacted differently if it was an attack on the network. Am I correct? I don't know much about the technical aspect of Bitcoin, but this is the best possible explanation I can think of for what is happening. Is there anyone else who shares the same sentiments?

Actually I saw the price drop in Bitcoin chart at the time of issues related to Binance sued by SEC so it's clear that price affected due to that but it's very common, if anything happens related to cryptocurrency will affect the prices for short term that is what exactly happened with this instance as well. No need to worry about Bitcoin because fall of exchange will not seize the operation of bitcoin and FTX can be the best possible example to prove this.

[Fiatless]

I think you are getting something wrong here.

The issue between Binance and the SEC has nothing to do with Bitcoin; the reason it has a slight impact on the Bitcoin market is because Binance is one of the most popular centralized exchanges.

Even if Binance is seized or prevented from operating, Bitcoin will continue to move since it is not dependent on any other coin, unlike altcoins, the market price of which is dependent on Bitcoin's.

Maybe the original poster's view is not clear to you because it think his observation and questions are valid. Last year the fall of FTX and some other crypto-related firms affected the price of Bitcoin. The price dropped because of the FUD it caused. So Op is surprised that the attack on one of the biggest exchanges is having little or no effect on the price of Bitcoin.

The reason why the bitcoin market is not reacting so much to the SEC and Binance issue as much as we may have expected is because it appears to be more of a social attack rather than a direct attack on bitcoin network protocol, mining operations or blockchain technology. The market would have reacted differently if it was an attack on the network. Am I correct? I don't know much about the technical aspect of Bitcoin, but this is the best possible explanation I can think of for what is happening. Is there anyone else who shares the same sentiments?

My observation is that:
1. Bitcoin is becoming independent from the influence of exchanges and crypto-related businesses.
2. The market was ready for the SEC onslaught against Binance because it has been expected for a long time.
3. This legal battle will only affect Binance US so other nations are stable and attack-free.
4. More people are becoming aware of decentralized wallets so they are not affected by the problems of exchanges.

[pooya87]

There are a couple of reasons in my opinion:
1. Binance is primarily an altcoin exchange and doesn't have a significant share of the bitcoin-fiat market (not to be confused with bitcoin-stablecoin market) which is the main important market when it comes to effects on the price.
2. This is not the first time an exchange is starting to face issues with authorities and it won't be the last. This is also not a big issue when compared to previous cases of exchanges running away, shutting down overnight, etc.
3. At this point there aren't as many weak hands left in the market so whenever any negative news comes out, there are less people who panic sell hence a weak reaction to any kind of negative news including the thing with Binance.