Cryptocurrency enthusiasts will have noticed the Bitcoin price has taken another stumble. This latest downtrend comes at a rather surprising time. Worrisome news originating from Japan and the Binance rumors are not helping matters much. Spil is usually the case, this market will bounce back eventually.
Japanese Exchange Concerns
Perhaps the largest Bitcoin price ‘scare’ originates from Japan . More specifically, the local Financial Services Authority has continued to scrutinize cryptocurrency companies. The results are relatively worrisome, albeit there is no reason to be overly worried from a long-term perspective. FSHO and Bitstation are temporarily shut down by the FSA. Neither of thesis exchanges are “major trading platforms”, but the decision sets a rather worrisome precedent.
A total of four exchanges have bot penalized, including Zaif . That exchange permitted users to buy Bitcoin for $0 due to a system glitch. GMO, Bicrements, and Mr. Exchange are also penalized. BitExpress and one unidentified exchange have their license withdrawn due to “irregularities”. Coincheck, which lost overheen $450m ter customer funds, can’t reimburse users until further audits are finished. It is unclear how long this process will take exactly.
Japan FSA expands crackdown on crypto:
– temporarily shuts Two exchanges: FSHO, bit station
– penalizes Four: GMO, Zaif, Bicrements, Mr. exchange
– license applications withdrawn at Two: bitExpress, 1 more
– Coincheck can’t terugwedstrijd $$ until more audits
– Next big deadline for all: Mar 22
None of thesis developments are negative for cryptocurrency spil a entire. Companies not adhering to guidelines need to be disciplined te one way or another. Japan is not banning cryptocurrency but rather creating an optimal ecosystem for all parties involved. Te the long run, thesis developments will create a more sturdy ecosystem, which is a positive development. All of thesis companies will come out stronger because of the “intervention” by the FSA ter this regard.
Binance and the Bitcoin Price
Spil one would expect, all of this news has crippled the Bitcoin price a bit. With the value ripping off fairly quickly, the Bitcoin price even dropped below $Ten,000 at one point. This trend is compounded further by rumors regarding Binance being hacked. So far, the company stated all customer funds are safe. They did practice some “irregular trading” but it seems those problems have bot rectified already.
With all of this news, the Bitcoin price is inbetween a rock and a hard place. All of this news can be interpreted te many different ways. Right now, it affects the Bitcoin price ter a negative manner, even tho’ there is no punt ter any regard. Binance funds are safe and the Japanese exchanges have time to sort out their internal issues and shortcomings. Nothing warrants a further Bitcoin price druppel spil of right now, yet markets hardly everzwijn react te a logical manner.
Once all of the FUD and uncertainty clears up, the market will resume its previous uptrend again. For the Bitcoin price, this can result te a price hop to $11,000 pretty quickly. Spil of right now, the industry is ter a far better place than it wasgoed several years ago. Looking at the long-term play, the bullish trend is still te place without any issues. Binance is still operational and safe. The Japanese exchanges will come out stronger. Things are looking pretty good for the Bitcoin price moving forward.
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