BTC Price Above $8,700 Following The Closure Of Binance US

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Bitcoin

BTC is slowly growing to become a hedging tool even against a host of other virtual currencies. This leading virtual coin was able to profit as much as 6% just a day ago. With that, it closed the day at a price that was more than $8,700.

As all that was going on, other top rated cryptos also recorded some price changes in the market. Some of the cons that have negatively trended included EOS, Litecoin, as well as Ethereum. The huge contrast that exists between BTC and the rest of the coins shows a great capital flight.

Binance US Is Now Closed

On Friday, Binance announced that it was stopping all its customers based in the US from accessing its services. Binance, which is a Malta-based virtual currency exchange had accumulated for the highest international crypto volume. With that announcement, the exchange was poised to lose close to 15% of the net monthly traffic. The directive will affect more than 40 billion customers.

Binance

The abrupt shutting down of the firm forced its customers from the United States to withdraw a huge number of altcoins. One of the coins that were largely withdrawn included BNB, which is Binance’s own native coin. The price of BNB also dropped by as high as 17% against the leading virtual coin, Bitcoin on Friday.

BTC Against The Liquidity Crisis Of Other Altcoins

The issues that Binance has with its customers have been described as bullish for BTC. This is according to a senior market analysis, Alex Kruger. The market analysts went ahead to cite Tether in explaining the correlation that exist between Bitcoin and a host of other coins.

Tether is the company that is behind USDT, the controversial stablecoin. On the 25th of April 2019, the office of the New York attorney general announced that it had been able to get a court order against USDT and BitFinex, which is its main associate company. The company had allegedly hidden a whopping $850 million that had been stolen from the investors of the US Tether – USDT.

What’s Next Now For BTC

The intraday market arrangements for Bitcoin now points to a mini downside correction. This is based on a report that was given out by its own overbought Relative Strength Indicator. The report was indicated on the daily Coinbase chart.

On the other hand, another market analyst has suggested that Bitcoin has energy to retest the price of $8,750. This is because it has been able to float right above the high price of $8,000. Those were the statements by John Rager.

BTC Is Due For Much Upside

According to BitBit, a pseudonymous analyst, BTC is expected to experience a much huger upside move in the coming days. The sentiments were supported by John Rager. He measured BTC based on how it has been performing on monthly basis. The analyst continued to state that the crypto could continue with its bull run to hit on the 5-figure status.

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