The price of BTC has been wildly fluctuating for some time. For many, these vagaries of pricing revolve around regulation and adoption issues. At least that’s the way the story unfolds.
However, speculation is all about price, trends, and movement. Still, major news outlets love to summarize the market with one-liner headlines.
Bloomberg Markets claims that the drop today for BTC is because of Binance receiving a warning from the Japanese government. According to the report, Japan’s Financial Services Agency is going to force Binance to halt trading because the exchange is unregulated in the land of the Rising Sun. According to the founder of Binance, Zhao Changpeng, the FSA has not communicated any issue to them. The rebuttal from Binance did nothing to soothe the early-morning worries of the market.
There’s no doubt that government around the world are taking a serious look at cryptocurrency trading. It’s a source of new revenues for them via regulation. What that tells us the market is that although there may be a small amount of pain dealing with the rule, the cryptocurrency markets are proving themselves worthy of additional scrutiny. With safeguards in place to protect average investors, it seems likely that these exchanges will expand rapidly as mass adoption continues to take place.
Could the price of BTC be nearing a bottom? The jury’s out, but some indicators are showing that BTC might be ready for a quick run up. If the news about Binance turns out to be false, a wave of optimism may just sweep through the world of Crypto. If that happens, get ready to run.