StockTalk (5.9): What Market Signal Does Binance's Restarting of Bitcoin Withdrawals Send?
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StockTalk (5.9): What Market Signal Does Binance's Restarting of Bitcoin Withdrawals Send?
Binance, a leading cryptocurrency exchange, recently restarted Bitcoin withdrawals after halting them for the second time.
Last year’s crypto crash and bankruptcies, like that of FTX, undermined confidence in digital asset platforms, and skepticism continues to linger over the industry. Binance and rivals subsequently redoubled efforts to try to dispel worries about whether they have sufficient reserves.
This decision is expected to significantly impact Singapore's Bitcoin trading and cryptocurrency market. Despite Singapore's restrictions on certain cryptocurrency exchanges such as Binance, they play a significant role in the global cryptocurrency market. The halt had caused significant disruptions in the local crypto industry, with some traders reporting difficulties transferring their assets to other exchanges. With withdrawals restarting, the market is hoped to stabilize, and traders can continue participating in the Bitcoin boom.
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sociable Dingo_8604 : I thought SG not allowed to use Binance? Many crypto exchanges are disallowed to be used in SG. Can consider coinhako, can deposit sgd but fees are high. Cannot do limit buy/sell, the price already fixed for you.
GodSpeed289 : With bincoin price down roughly two-thirds, the upside is massive. However, US Fed tightening monetary policy and rising interest rates will further scupper the Bitcoin market. l would say Regulations will be the key factor to watch for before making any move.
费北敬 : Bitcoin fees too high
Cui Nyonya Kueh : Anyone got any cryptocurrency app lobang ?
ZnWC : There's nothing wrong with BTC which is a virtual currency generated by Blockchain technology. The problem is the online exchanger is not regulated and charge high fee. There are also risk of such exchangers may 'bank run' and pause withdrawal without giving early notice. Can you remember Celsius, Hodlnaut, BlockFi and FTX?
If the exchanger collapse which is not protected by FDIC, your hard earned money become zero. My opinion is don't touch BTC if you can. Investment in stock market is relatively more regulated and proven safe. Beware of emotional trading FOMO.
doctorpot1 : Bitcoin is said to be a store of value but how can it be a store of value if the price is so volatile? most are just using it as speculation and even to by pass sanction. maybe in the future it will be a stable store of value, maybe it will be worth nothing. Will watch and see
ReadyGo : I never had my hands on Bitcoin! First to my mind is how well Bitcoin is being regulated, and how secure it is to own cryptocurrency that is not being legalized. The news about the collapse of several Bitcoin exchanges, the high volatility of Bitcoin, and the many macroenvironment factors are difficult for me to comprehend its future direction. Since I have no clues about it, I prefer to do what I am more familiar with rather than invest in unknown territory.