BTC/USD chart (Coinbase)/ Source: TradingView
Bitcoin prices maintained their strength today and managed to achieve relative stability despite the recent news that Binance.US has blocked its customers from directly withdrawing the US dollar.
Yesterday the exchange updated its terms of service.
The updated terms state: “In the event that customers wish to withdraw US dollar funds from their account, they can do so by converting US dollar funds into stablecoins or other digital assets that can subsequently be withdrawn “, Reuters reported earlier today.
Interestingly, Bitcoin, the world’s most famous digital currency, appeared unfazed, trading mainly between $28,300 and $28,500, according to Coinbase data from TradingView.
When asked about the market’s reaction to this latest Binance-related news, several analysts did not express shock.
“While the news from binance.us is definitely bearish, it is also not a surprise,” said Tim Enneking, managing director of Digital Capital Management.
“The vast majority of binance.us users have long since withdrawn all assets from the exchange, so this announcement surprised literally no one,” he added.
Armando Aguilar, an independent cryptocurrency analyst, also expressed his opinion.
“As of February (Binance averted closure in June 2023), Binance.US had around 700,000 users and the market had priced in Binance’s potential US issues in late summer, so the cessation of USD withdrawals may not be seen as negative news.” , he explained.
Aguilar elaborated and talked about some important developments in this area.
“What made headlines was Larry Fink, CEO of BlackRock, calling cryptocurrencies a ‘flight to safety’ on public television in response to the ongoing unrest in Israel and other events around the world,” Aguilar said.
“It is important to understand the magnitude of such a statement as Larry Fink called BTC an “index for money laundering” a few years ago in 2017, but now BlackRock is in the game and will benefit from the rise in BTC prices if this is the case “The expected spot BTC ETF will be approved,” he added.
“Several other spot BTC ETFs are also in the pipeline.”
“Investors appear bullish on spot BTC ETFs given the high approval rating from Bloomberg analysts, keeping price momentum low given the global macroeconomic environment,” Aguilar noted.
Disclaimer: Crypto is a high risk asset class. This article is for informational purposes and does not constitute investment advice. You could lose all of your capital.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.