The CEO of Binance, Chengpeng Zhao has publicly announced that despite the security breach that occurred on the Binance platform yesterday, the exchange will renew its operations first thing tomorrow. This is, unfortunately, not the first time that Binance has been hacked. Binance has already suffered from the lower trading volume, being down by more than 24%.
Although Binance’s shutdown for today was in order to prevent any withdrawals or deposits from the hackers, it was still a major misstep from the company. But the idea has since been scrapped and Binance is now back to square one. However, as much as the strategy may have seemed like a paragon of liberty, the community was massively against it, seeing how too much power for the miners could spiral out of control and lead to not only BTC falling further in price, but also dragging Binance Coin with it as well.
Binance is one of the most popular crypto exchanges, that much simply cannot be doubted. But now that traders don’t have the option to constantly trade Bitcoin on Binance, the coin has calmed down a bit and is hovering between the $7,000 and $7,300 price points. Whether or not Bitcoin falls into another bear market, depends solely on Binance’s capabilities of improving the situation and either retrieving the API keys or blocking them completely.
Although Binance’s shutdown for today was in order to prevent any withdrawals or deposits from the hackers, it was still a major misstep from the company. But the idea has since been scrapped and Binance is now back to square one. However, as much as the strategy may have seemed like a paragon of liberty, the community was massively against it, seeing how too much power for the miners could spiral out of control and lead to not only BTC falling further in price, but also dragging Binance Coin with it as well.
Binance is one of the most popular crypto exchanges, that much simply cannot be doubted. But now that traders don’t have the option to constantly trade Bitcoin on Binance, the coin has calmed down a bit and is hovering between the $7,000 and $7,300 price points. Whether or not Bitcoin falls into another bear market, depends solely on Binance’s capabilities of improving the situation and either retrieving the API keys or blocking them completely.
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