Binance Hack Scare but BTC Don't Give a Damn!
Did I get the fright of my life yesterday or what? Logged into Binance after I heard about the hack due to the fact that I had some funds saved on there. Bad idea, I know. Anyways, once in, I went straight to the "Balance" page and saw that all deposits and withdrawals were suspended. Panicking a little, I tried to get assistance through the "Chat" feature only to be informed via a bot, that this function is disabled indefinitely and normal service will resume shortly. Flipping great...
Well, as many people wisely say, if you leave crypto on any exchange, you basically don't own it anymore. I know it's Binance and they are the largest crypto exchange out there, as well as having a SAFU (Secure Asset Funds for Users) in place. But that doesn't stop FUD from spreading. Yesterday, $40 million worth of Bitcoin was stolen from their platform, which sure got tongues wagging. However, from what I hear, there is a reimbursement process taking place right this moment.
But the intriguing thing to me was Bitcoin's reaction to this. You would have thought it would tank the price like there's no tomorrow. Quite the contrary happened. It nicely stayed propped up where it is, hovering just below the $6,000 mark. Just goes to show sentiment could very well be shifting when it comes to "scare-mongering" in the world of crypto. Even though the reasons would have actually been quite valid this time around.
I reckon the next bull market could be around the corner. All signs are pointing to it. And even if a pullback does ensue, there's are very significant chance that the bottom is already in. Now the only feeling I gotta shake out is the damn "FOMO" in my mind. When the rocket ship launches, it's bye-bye to cheap crypto, most likely across the board. HODL like there's no tomorrow, peepz!
Less BTC for the supply! Prices will increase over time as demand is not met! The light at the end of the tunnel!
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No fiat no real business! Hodl requires investing into crypto. I wish my friends with crypto skin well!
Posted using Partiko iOS