After Binance leaves Canada, the Bitcoin Dump reaches $25,900
Key Points:
- Following Binance’s announcement that it would be leaving the Canadian market, the price of Bitcoin (BTC) dropped quickly to around $25,900.
- The motivation behind why Binance deserted this market is because of the fixing of new guidelines.
- BTC has consistently fallen to its lowest point since March due to regulatory regulations and liquidity issues.
Binance’s announcement to leave the Canadian market quickly dragged the price of Bitcoin (BTC) down to $25,900 in the short term.
As referenced in a previous article by Coincu News, the world’s biggest digital currency trade has declared its takeoff from the Canadian market because of the dubious administrative climate. Due to new recommendations regarding stablecoins and investor restrictions on crypto exchanges, Binance describes the market as “uncontrollable.”
BTC’s price was immediately impacted negatively as a result, falling to $25,900 in the short term and quickly rising to $26,800 in the long run.
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There are as of now a few issues confronting the crypto market, including low liquidity, administrative command over the business in the US, and macroeconomic worries.
This year, Bitcoin is up about 59%, but price action is still erratic, and low liquidity makes both bullish and bearish moves worse. Since Silvergate and Signature Bank, the two main banks that crypto enthusiasts frequently use, closed, liquidity has been a major issue for the cryptocurrency market.
The liquidity circumstance might deteriorate after Bloomberg reports that Jane Road and Hop Crypto, two of the biggest crypto market creators, will make a stride back from crypto exchanging the US. as US regulators keep trying to get control of this young industry.
Since the collapse of the cryptocurrency exchange FTX last year, US regulators have also been paying more attention to the cryptocurrency industry. The SEC and the US government are being criticized by the crypto industry for not establishing clear guidelines for the sector.
Meanwhile, the Bitcoin network has been experiencing congestion, forcing Binance to temporarily halt BTC withdrawals last week. This week has also seen a spike in Bitcoin transaction fees, which are decreasing but still remain high. The first Bitcoin network was not intended to deal with high-volume exchanges.
