- Bitcoin price is highly resilient amidst the crypto market’s rising vulnerabilities
- Binance.US suspends Dollar withdrawal by users on its platform
- The Bitcoin price looks most likely to be affected by the current market uncertainty
Bitcoin price displayed remarkable resilience throughout the week, maintaining a relatively stable trajectory. Even though the recent news of Binance.US suspending direct U.S. dollar withdrawals for its customers a few days back acted as a setback, Bitcoin price gained massive ground.
Despite the abrupt policy change from Binance.US, Bitcoin, as the leading digital currency worldwide, appeared unfazed. It continued to rise from $28,300 to $34,500, as indicated by coinmarketcap data.
Analysts’ Responses To The Positive Bitcoin Price Action
Market analysts, when questioned about the market’s response to the Binance-related news, seemed largely unsurprised.
Tim Enneking, Managing Director of Digital Capital Management, expressed, “While the Binance.US news is definitely bearish, it also comes as no surprise. The vast majority of Binance.US users had already moved their assets off the exchange, so this announcement surprised literally no one.”
Independent cryptocurrency analyst Armando Aguilar added his perspective, noting that Binance.US’s challenges had already been factored into the market.
“As of February (Binance averted shutdown in June 2023), Binance.US had approximately 700,000 users, and the market had accounted for Binance’s potential U.S. issues since late summer, so the halt in USD withdrawals might not be considered bearish news,” Aguilar explained.
Aguilar also pointed to significant developments in the cryptocurrency space, highlighting a statement made by BlackRock’s CEO, Larry Fink.
“The headlines have been CEO of BlackRock, Larry Fink, calling crypto a ‘flight to safety’ on public national television as a response to ongoing unrest in Israel and other events around the world,” Aguilar emphasized.
He added the importance of this statement, considering that just a few years earlier, Fink had referred to Bitcoin as an “index for money laundering” in 2017.
Aguilar concluded by pointing out that BlackRock now stands to benefit from the rise in Bitcoin prices if a long-awaited Spot Bitcoin ETF is approved, noting that several other spot Bitcoin ETFs are in the pipeline.
“Given Bloomberg’s analyst high approval rate, investors seem to be bullish on spot Bitcoin ETFs, thus maintaining small price momentum in light of the global macroeconomic environment,” Aguilar observed.
Ex Bitcoin.com CEO Says This About Bitcoin Price
Stefan Rust, CEO of independent inflation data aggregator Truflation and former CEO of Bitcoin.com, says:
“Rumors are flying since the appearance of BlackRock’s bitcoin spot ETF ticker on a list at the Depository Trust & Clearing Corporation (DTCC), including that the world’s largest asset manager has already started purchasing bitcoin for the fund.
This is reflected in last night’s exciting pump, which saw BTC spike to over $35,000 – a level it has not touched since the pre-Terra Luna/Three Arrows/FTX crash days of April 2022. It also seems those who can’t or won’t buy bitcoin directly or through the spot ETFs in Canada and Europe have gone to the CME and started trading bitcoin futures, which have seen a clear spike in volume.
Rust further added,
It could be we are seeing the early signs of the long-awaited “Crypto Spring.” There is a sense that this US ETF is actually real now – after years and years of waiting. Among the 21+ submissions sitting with the SEC, it seems likely some five to six will be approved in one go.”
On the other hand as Bitcoin ETF approval remained the key topic of discussion, Lucas Kiely, Chief Investment Officer of digital wealth platform Yield App, said:
“After months of delays, it seems as though the market could see a bitcoin spot ETF soon. Last night, BlackRock’s proposed spot bitcoin ETF, the iShares Bitcoin Trust (IBTC), made its way onto a list maintained by the Depository Trust & Clearing Corporation (DTCC) – the world’s largest central securities depository.
He further added,
“While this has excited the market – at one point sending BTC up 12% on the day to over $35,000 – it remains to be seen whether this is a premature move, as no official approval has been announced. However, if this is indeed a sign that the US could see its first bitcoin spot ETF, it wouldn’t come as a surprise that the largest asset manager in the world could be getting its ducks in a row ahead of official approval. After all, BlackRock has a solid track record and has only ever had one ETF application denied, back in 2014.”
Binance Stops Accepting New UK Customers in Compliance With Updated FCA Ad Rules
Major cryptocurrency exchange, Binance, has hit the pause button on accepting new users from the United Kingdom. The hold comes as Binance seeks a fresh FCA-approved partner who can endorse its cryptocurrency promotions.
The UK’s financial regulator put the brakes on Binance’s previous local partner’s ability to green-light crypto marketing materials.
Binance, in an October 16, 2023, blog post, announced that it’s temporarily limiting its platform’s access for UK users as it actively seeks a new local partner authorized by the Financial Conduct Authority (FCA) to greenlight its crypto advertising.
Binance assured its users, stating, “We are collaborating closely with the FCA to ensure our users are not adversely affected by these developments and are actively working on finding another FCA-authorized entity to approve our financial promotions as swiftly as possible.”
In the light of this Bianca.US development, Bitcoin’s strength of blazing a new trail against the traditional financial system is highlighted and it could continue to mold the future of the world of finance.
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