News Papers wale
- 2 followers
- Category: News
- | Follow
-
28:09
What happens to Bitcoin if Binance goes down?
Published: 1 year agoCategory:
- News
About:
After the spectacular collapse of the U.S. cryptocurrency exchange FTX, investor confidence in the cryptocurrency ecosystem is very low. Hence, the ongoing media reports and social media rumors about higher-than-usual outflows from the world’s largest crypto exchange Binance are raising alarm bells among crypto investors and the wider investing community.
Binance’s controversial proof of reserves report, intended to calm investors down, has seemed to further fuel speculation about the company’s finances. The report’s release has led to widespread online speculations that Binance is not 100% collateralized, raising significant concerns over the exchange’s solvency.
Bitcoin, which experienced a meteoric rise of some 73,000% from 2012 to December 2022, is again facing the negative repercussions of bad actors within the cryptocurrency ecosystem, albeit entirely separate and independent from Bitcoin itself. If Binance were to go under, what would happen to Bitcoin?
Please Login to comment on this video
- Video has no comments