Bitcoin

Bitcoin Dump Hits $25,900 After Binance Leaves Canada

Key Points:

  • Bitcoin (BTC) price quickly fell to the $25,900 area right after Binance’s announcement to leave the Canadian market.
  • The reason why Binance abandoned this market is due to the tightening of new regulations.
  • Since March, regulatory regulations and liquidity issues have consistently dragged BTC to its lowest level.
Binance’s announcement to leave the Canadian market quickly dragged the price of Bitcoin (BTC) down to $25,900 in the short term.

As mentioned in an earlier article by Coincu News, the world’s largest cryptocurrency exchange has announced its departure from the Canadian market due to the uncertain regulatory environment. Binance describes the market as “uncontrollable” due to new recommendations regarding stablecoins and investor restrictions on crypto exchanges.

This immediately negatively impacted BTC’s price, causing it to plummet to $25,900 in the short term and quickly rallying to $26,800 afterward.

24h BTC price chart. Source: CoinMarketCap

There are currently several issues facing the crypto market, including low liquidity, regulatory control over the industry in the US, and macroeconomic concerns.

Bitcoin is up about 59% this year, but price action remains volatile, and low liquidity exacerbates bullish and bearish moves. Liquidity has been a big problem for the crypto market since the closure of Silvergate and Signature Bank – the two main banks people often use in the crypto space.

The liquidity situation may worsen after Bloomberg reports that Jane Street and Jump Crypto, two of the largest crypto market makers, will take a step back from crypto trading in the US. as US regulators continue to push for control over this nascent industry.

In addition, scrutiny from US regulators over the crypto sector has increased since the collapse of the crypto exchange FTX last year. The crypto industry is battling with US regulators accusing the SEC and the US government of not making clear rules on the sector.

Meanwhile, the Bitcoin network has recently faced congestion, with Binance last week being forced to halt BTC withdrawals temporarily. Bitcoin transaction fees have also spiked this week, and although they are falling, they have remained high. The original Bitcoin network was not designed to handle high-volume transactions.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News

Victor

Recent Posts

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

15 minutes ago

Clanker Token Trading Volume Hits $59.8 Million High

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

43 minutes ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

1 hour ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

2 hours ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

3 hours ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

4 hours ago

This website uses cookies.