yhiaali3
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August 23, 2023, 06:38:21 AM |
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The collapse of Binance will have two effects on the market in my view, one negative in the short term and the other positive in the long term.
The first effect (negative in the short term): The collapse of Binance will certainly destabilize the market and destabilize confidence in Crypto in general due to the collapse of the largest exchange. Also, the exit of this huge liquidity from the market will certainly have a very large negative impact, this will naturally lead to a decline in the price of Bitcoin and the market All in general.
The second effect (positive in the long term): the collapse of Binance Crypto Octopus will lead to a decline in centralization and a large return of decentralization to the market, as we know Binance is not only an exchange, but rather a large octopus with arms in all Crypto services, the collapse of Binance will lead to the collapse of this Central system and provide the opportunity for other companies to enter the field and this leads to diversification and increased decentralization. So I think this will be good for Crypto in the long run.
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tech30338
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August 23, 2023, 06:46:45 AM |
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There is an impact to BTC price if binance falls down, since its one of the top exchange in the market, and also there are lots of traders who uses bitcoin, having million transactions daily and binance close that is a big blow, but at the moment that is a bit hard to happen, Zhao had already prepare for this a long time ago that is why he is in Dubai, the us government putting pressure on him, made this move, because he knows what will happen.
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Rikafip
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August 23, 2023, 09:13:15 AM |
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The second effect (positive in the long term): the collapse of Binance Crypto Octopus will lead to a decline in centralization and a large return of decentralization to the market, as we know Binance is not only an exchange, but rather a large octopus with arms in all Crypto services, the collapse of Binance will lead to the collapse of this Central system and provide the opportunity for other companies to enter the field and this leads to diversification and increased decentralization. So I think this will be good for Crypto in the long run.
I don't think that people would learn anything from the eventual Binance collapse, like they didn't learn much (or anything) from previous big centralized exchanges collapse. I know people that lost money in Mt.Gox, FTX, Celsius and not a single one of them went 100% DEX and they still mainly use centralized exchanges while some of them even hold large amounts of money for a tiny staking profit. The only one who would really benefit from Binance going down are other centralized exchanges who would get their users and added bonus would be death of bunch of shitcoins. As for the OP question, there would definitely be a short term impact on BTC price but it would eventually recover and continue with business as usual.
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Z-tight
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August 23, 2023, 02:01:05 PM |
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I hope there is no bad thing happen to binance, it seems that if binance is collapse then it will become really bad sentiments for bicoin market. Although the market will recover again but it might affect the public trust, I realy hope that people out there don't hear any bad news about criptocurrency.
It is not about public trust in my honest opinion, so many centralized exchanges have collapsed or have been hacked both in older and recent events, anyone of the public who pays even the smallest attention to crypto should be aware of these, and know then that any exchange can collapse. They operate with a fractional reserve system, so they can quickly become insolvent if something goes wrong for them. The only thing that can affect public trust towards BTC is a successful attack on its network, which is almost impossible to happen. There is an impact to BTC price if binance falls down, since its one of the top exchange in the market, and also there are lots of traders who uses bitcoin, having million transactions daily and binance close that is a big blow, but at the moment that is a bit hard to happen, Zhao had already prepare for this a long time ago that is why he is in Dubai, the us government putting pressure on him, made this move, because he knows what will happen.
You are one of those who believe in cz that funds are SaFu, and they are too big to fail, take note that no exchange is too big to fail, and if you have your money stored there, you should move it into self custody.
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kryptqnick
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August 23, 2023, 02:27:02 PM |
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Binance is already facing some trouble with the lawsuit by the SEC, and there might be a mildly negative impact of it on the market. Of course, it's going to be a whole other story if Binance just collapses (exit scam, a huge hack they can't get out of, etc.). Let's see what happened in another case to make an estimate. FTX collapse correlated with a drop from $21k to $16k last November, and then the price recovered in the middle of January. I think Binance has a better reputation, so its collapse might have a higher impact. So something like a sudden 25-30% price drop within a day or two is realistic, and then maybe a few months (around 4, maybe) of recovery.
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Plaguedeath
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August 23, 2023, 02:34:12 PM |
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Only short term effect, you can check Bitcoin during FTX bankrupt in the last year, the Bitcoin price was suffer short term dump and then it regain back after next few months when most of people aren't discuss about FTX.
I believe if there's a withdrawal problem in Binance and they officially announce their bankruptcy, we will see at least 10 threads in this forum talking about Binance, possibly the stupid one will say Bitcoin is scam.
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bayu7adi
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August 23, 2023, 02:52:51 PM |
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I believe it's just going to be a momentary panic, and the crypto market might experience a slight jolt when Binance formally announces its collapse. Keep in mind, this is just a cryptocurrency exchange; if Binance goes down gracefully and returns 100% of its users' held assets respectfully, the primary impact will likely be on BNB.
However, should Binance crumble cunningly, the entire crypto market could undergo a prolonged and notably severe bearish phase. Considering Binance currently holds a significant portion of users' BTC, this alone could be potent enough to disrupt the Bitcoin price when rapidly liquidated into the market.
It all hinges on what triggers Binance's downfall. The worse Binance's global reputation becomes, the graver the extent of the bearish market that the crypto sphere could encounter.
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pawanjain
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August 23, 2023, 04:17:33 PM |
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Hey all, let's chat about what could happen if #Binance faced trouble. Would it shake market confidence and affect $BTC? With Binance's high trading volume, its challenges might lead to caution, causing short-term dips. Traders might shift to other exchanges, influencing prices. Regulatory concerns could escalate, impacting Bitcoin temporarily. While history shows events impact prices, the crypto market is intricate. This isn't about fear, but discussion. Stay informed, diversify, and be ready for anything. Share your respectful insights on whether a Binance issue would truly rattle Bitcoin's price. Remember, this is just speculation, not financial advice
Yes ofcourse. Binance is the top most crypto exchange currently being used by majority of the population. FTX was not even a top exchange yet we know how much it impacted the crypto market. It began a huge dump in the market and so we can predict that the collapse of Binance would literally begin a huge crash in the crypto market. It would probably be one of the biggest dumps crypto market would have faced till date. But that's what I think and we never know what might happen.
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khiholangkang
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August 23, 2023, 05:48:55 PM |
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I believe it's just going to be a momentary panic, and the crypto market might experience a slight jolt when Binance formally announces its collapse. Keep in mind, this is just a cryptocurrency exchange; if Binance goes down gracefully and returns 100% of its users' held assets respectfully, the primary impact will likely be on BNB.
However, should Binance crumble cunningly, the entire crypto market could undergo a prolonged and notably severe bearish phase. Considering Binance currently holds a significant portion of users' BTC, this alone could be potent enough to disrupt the Bitcoin price when rapidly liquidated into the market.
It all hinges on what triggers Binance's downfall. The worse Binance's global reputation becomes, the graver the extent of the bearish market that the crypto sphere could encounter.
Whatever the problem, it will be the same as what FTX gave to the bitcoin market, moreover Binance being the largest centralized exchange in the world will certainly give a boost to distrust of the market, the wound that will be given will definitely have a long enough time for the market to recover if that happens. . But I'm not sure that Binance can crash, so far they have protected every problem, always handled it well. Whatever happens, I hope it will never happen to binance, unless CEX's market dominance can be beaten by other competitors, maybe it won't be too deep a wound that will be given. Even if binance is able to return money to its customers, it is not trivial.
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salad daging
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August 23, 2023, 06:11:17 PM |
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It will be a catastrophe for sure, worst than FTX incident. Not just in crypto space but also on other company where binance invested, there will be lot of company who file bankruptcy due to that. I only say it on the market, regarding your holdings there, better to move your funds if the situation is getting worse.
Can imagine when FTX collapsed, then what about Binance which is currently the largest among others of course this will be a short-term disaster maybe the destruction will be more after Binance because this exchange has many alliances with other institutions. The market will be in the red for months, many lose confidence in the exchange, but strangely enough they return to the centralized exchange to store assets there. We know from previous exchange collapses that it is safest to keep assets in your own wallet.
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Pokapoka124
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August 23, 2023, 07:30:14 PM |
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CZ doesn’t control bitcoin price. If the exchange falls, bitcoin price will drop but after some time the market will definitely recover. Other exchanges have come and go in the past, I could go all day on the list of failed exchanges and exit scams in the last decade, and the most recent would be FTX. When FTX exchange was exposed to be a scam, there was panic amongst investors and it showed in how the market responded to the news. I think when more people decide to take their coins off centralized exchanges, the less effect they are going to have on the market.
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ololajulo
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August 23, 2023, 07:40:27 PM |
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I'm unsure why I sense that the battle against Binance aims to diminish its market control rather than eliminate it. Can they actually reduce its dominance? That remains uncertain. The American structure doesn't align with Binance's operations, but Binance has looked beyond the American market, unlike exchanges like Kraken and Coinbase, which now regret not accommodating other nationalities.
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Cookdata
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August 23, 2023, 08:18:05 PM |
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Hey all, let's chat about what could happen if #Binance faced trouble. Would it shake market confidence and affect $BTC? With Binance's high trading volume, its challenges might lead to caution, causing short-term dips. Traders might shift to other exchanges, influencing prices. Regulatory concerns could escalate, impacting Bitcoin temporarily. While history shows events impact prices, the crypto market is intricate. This isn't about fear, but discussion. Stay informed, diversify, and be ready for anything. Share your respectful insights on whether a Binance issue would truly rattle Bitcoin's price. Remember, this is just speculation, not financial advice
There was a time I had Binance my first Binance account and there was no KYC back then, you can used a dummy email and a password to get access to every features then before the introduction of P2P and Launchpad and I can tell you that you that I enjoyed it because I don't live my coins on them, I deposit other coins, swap to BTC and move them out and everyone like me where all there but when KYC became a mandatory thing, they lose users like me but till today, it's suprise me how they managed to get back users this much, perhaps their launchpad marketing and gains made people like the exchange but I don't like them a bit. If Binance go down today, I'm sorry to say that bitcoin price will half the original price today because they have lots of coin in there reserves wallets that can do lot of damages, institutional and microstrategy all have assets under them. I pray they don't collapse but if it does, it's going to be a hell on earth for crypto and everyone, that's why we must reduce our dependency on centralized exchanges.
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The Cryptovator
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August 23, 2023, 08:19:01 PM |
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The potential collapse of Binance poses a significant risk to the entire cryptocurrency market. The repercussions could extend to Bitcoin and other cryptocurrencies, leading to instability. Binance plays a crucial role in maintaining market stability, and its downfall could unsettle the entire crypto landscape. The resulting loss of funds for numerous users would likely be the primary cause of market harm. Let's hope that such a scenario can be averted, and Binance can adeptly navigate any challenges it faces.
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rikybrosh
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August 24, 2023, 03:16:06 AM |
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I think if anything bad happen with any cryptocurrency related company then it will make the price of bitcoin drop. bitcoin price is strongly influenced by sentiments, any bad news will affect bitcoin price. in my opinion, if there is no bad thing happen that related to cryptocurrency then people will feel safe, comfortable and confidence to save their fund in form of btc.
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adaseb
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August 24, 2023, 03:28:44 AM |
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I don’t know who to believe exactly. There was speculation that when BNB went below $215 it could cause some massive liquidations and there was some conspiracy that CZ was selling bitcoin to buy BNB to support $215. A few days back it broke and nothing happened.
I just think after FTX we assume all exchanges are frauds and jump to conclusions. I don’t think there will be any major issues. Binance Us is a small exchange and won’t affect Binance at all. Too much regulation in the USA anyways to keep them open there.
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BVeyron
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September 01, 2023, 09:14:30 PM |
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Hey all, let's chat about what could happen if #Binance faced trouble. Would it shake market confidence and affect $BTC? With Binance's high trading volume, its challenges might lead to caution, causing short-term dips. Traders might shift to other exchanges, influencing prices. Regulatory concerns could escalate, impacting Bitcoin temporarily. While history shows events impact prices, the crypto market is intricate. This isn't about fear, but discussion. Stay informed, diversify, and be ready for anything. Share your respectful insights on whether a Binance issue would truly rattle Bitcoin's price. Remember, this is just speculation, not financial advice
I think that online crypto trade platforms seriously affect BTC price, since many traders are involved into cryptotrading nowadays. So if some of the financial platforms face difficulties, then price can change (not only fall, but also rise). The main thing about such platforms is the large amount of wallets attached to the network. Not all the platforms guarantee anything in case of "difficulties" and can easily become a scam. None of the "approvals" nor "licenses" will help in such cases.
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