Binance is currently closed and many rumors swirling on why it went down. Currently, Binance is stating it will be back up in about 8 hours at the time of this writing. The real question is:
Whats going to happen when it reopens?
This is just my opinion so please do your own research and dont take my speculation as gospel but here it is. The market still really moves on news and hype rather than fundamentals. There will be a lot of fear about the vulnerbility of Binance and more will look to get out when it first reopens. This will push the altcoin market down.
That being my mindset, I'm going to sell my altcoins, wait for the downtrend momemtum to come to an end, and then rebuy all my altcoins at a better position. Obviously if the market goes up I lose position but how many think people are waiting for Binance to buy? More likely sell.
What are your thoughts? Please share your comments.
I still think a small portion of the herd will sell off their cryptos the first chance they get.
I think there will be selling of binance coin and bitcoin cash rest I dont think there would be any impact
I’m glad I moved my $ off Binance weeks ago.
I think Binance might be holding up the market today, as some traders report seeing unusual patterns in the order book. Of course, this could simply be due to the change in normal volume.
If BNB crashes, I would be a buyer, as a speculative move, but since I don’t have any money over there, I don’t plan to move $ just to capture that move.
I’m not selling any of my alts, since most were purchased at rock-bottom prices anyway.
I would be more interested in seeing what happens to the price of Litecoin, as members flee their landscape.
Great Thread!
Friendly advice, if you have bought altcoin for a fair price, DON'T SELL now. We never know if you can see the dip for sure.
Binance is a huge platform, I don't believe that it will impact the prices for a while being. Instead, if you see some trend going with the altcoins, trade a few percentage of it and buy if it dips a little. Don't wait for a massive dip that we saw a couple of days back.
Hope you earn a good amount!
I doubt that many people will sell as the market is generally up so people will stick around. Those unhappy with the platform may send their coins to other platforms. However, they all have their issues. At least these problems are caused by a major upgrade which in itself is a good thing. Hodl is my advice