Bitcoin maintained its strength today, and was able to achieve relative stability despite the latest news that the American platform Binance (Binance.US) has stopped withdrawals in US dollars directly, as the platform updated its terms of use yesterday.
Reuters reported earlier today that the updated conditions stipulate that “if customers wish to withdraw funds in US dollars from their accounts, they can convert dollars into stable currencies or other digital assets that can be withdrawn later.”
It is interesting that the pioneer of digital currencies - Bitcoin - has succeeded in distancing itself from this news, as it is mainly trading within the range of $28,300-28,500 according to data from the Coinbase platform (NASDAQ:COIN) documented by the TradingView website, and the market’s reaction to the Binance news was not significant. The latter shocked many analysts who dealt with this topic.
In this context, Tim Enneking, Managing Director of Digital Capital Management, stated that: “Although the news of the American Binance platform is certainly negative, it was not surprising either,” and added that “the vast majority of Binance platform users They had withdrawn all their assets from it a long time ago, so this announcement did not surprise anyone at all.”
Armando Aguilar, an independent crypto analyst, also expressed his point of view by saying that “in February (Binance avoided its imminent closure in June 2023), the number of users of the American Binance platform reached approximately 700 thousand users; But since then, the potential problems with the platform in the United States have been recognized by the market since late summer, so the news of stopping withdrawals in US dollars is not considered negative.”
Moreover, Aguilar elaborated on some of the major developments in the crypto sector, as “Major news headlines included BlackRock CEO Larry Fink describing cryptocurrencies on state television as a ‘lifeline’ in the face of ongoing unrest in Israel and elsewhere.” From events around the world,” he stressed, “It is important to understand the importance of this statement. A few years ago in 2017, Larry Fink described Bitcoin as a ‘money laundering indicator,’ but the situation has changed today and BlackRock has become part of the game. The company will benefit from rising BTC prices if its request to establish a Spot BTC ETF is approved... There are also several Spot BTC ETFs that are in the pipeline.”
Aguilar added: “Investor optimism is evident following Bloomberg analysts’ expectations of a high probability of approval of ETFs for spot Bitcoin contracts, which has caused a slight upward momentum for Bitcoin to continue even during poor global macroeconomic conditions.”
Disclaimer: Cryptocurrencies are considered a high-risk asset class. This article aims to provide the reader with information and is not considered investment advice in any way, as you may lose all of your capital.
