Do Binance Transactions Impact the Rise of Bitcoin's Price?

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Binance straciło 40 milionów USD podczas ataku hakerskiego

After a short drop in the price of Bitcoin below $10,000, the value goes up again. This may be the result of mass transactions carried out at Binance.

World's pioneers

Binance is one of the largest and most significant cryptocurrency exchanges in the world. It promotes itself as the best exchange for both beginners and experienced investors. It also offers hundreds of coins for operations, but the recent hacker attack on the stock exchange in addition to the massive losses had an impact on cryptocurrency markets. Its significant position in the world allows for further development, especially for the Korean and American markets. Binance US is expected to be built this quarter, and recently, the work on launching a branch in Korea has begun.

Reasons for change

The latter have been experiencing big spikes in recent days. At the beginning of the third week of July, we observed a drop to $9,300, but Bitcoin quickly made up for the losses. This may be due to the fact that the number of transactions carried out on the Binance exchange has been recorded. However, it does not have to be the only cause. The endless doubts of American politicians towards Facebook and Libra have certainly influenced the perception of cryptocurrencies by the public. Many investors, however, remained loyal to their predictions and did not succumb to panic. Bitcoin was followed by altcoins, e.g. Litecoin, which in a few hours increased by over 25%. Bitcoin currently stands at $10,300, and its market cap is close to $189 billion. Again, it is the dominant player on the cryptocurrency market, and altcoins survive a difficult period after the unsuccessful beginning of 2019.