Bitcoin, along with the rest of the cryptocurrency market, is currently amidst an unmitigated period of indecision. A contradiction of solid pump-a-mentals and a shaken retail trading crowd has led to a stalemate of frustrating proportions.
Then again, you can’t really complain about $10K BTC. Especially when global buyers have repeatedly stood their ground to say this is what one bitcoin is worth. As crypto traders, we’re used to two market modes:
Is there room for anything in between? As a demographic of traders, “cryptomaniacs” (as famed technical analyst Peter Brandt calls us) probably have no idea how to handle periods of indecision.
Shouldn’t we be celebrating these moments of comparatively low volatility? Is this not bitcoin’s store-of-value argument in proof and deed? Of course, if SoV is true for bitcoin, then its day-to-day moves will be more incremental.
That doesn’t mean BTC can’t/won’t achieve the stratospheric values we hope for, but it might not get there as quickly or decisively as everyone wants.
Tuesday’s drop and retest of the $10K marker happened on low volume that failed to challenge support in that area substantively. Like a $185 billion yo-yo, BTC has taken off in the opposite direction by a similar dollar amount, adding around $350 back on in the process.
Binance driving indecision?
At $10,332, bitcoin’s indecision may be directly tied in with the fear surrounding Binance’s structural reorganization. That’s a nice way of saying that Binance is on the brink of axing American customers from its global service.
With some estimates claiming Americans make up 30% of global crypto trading volume, shunning a financial powerhouse from the majority of assets available on Binance might be a bad thing. There’s really no telling, which also means that crypto’s pseudonymity is an effective privacy safeguard.
That hasn’t stopped a few prominent digital assets from performing strongly in recent days. ATOM, KCS, and even ICX have shown themselves as winners in the short term, but whether they’ll go the distance is another matter.
Some altcoin moves are based on fundamental developments. ICON, for instance, went live with staking this month, while KuCoin announced a second anniversary BTC sale which requires KCS for participation.
Binance’s move away from US customers is rife with unresolved questions surrounding execution. For instance, how will Binance know who is American and not? Using IP detection will unfairly exclude US-based non-American traders.
These questions don’t appear to be slowing the Binance. US rollout. Just a few hours ago, Binance.US tweeted that onboarding for American clients is now underway.
They also used the hashtag #ThisIsJustTheBeginning when addressing the variety of digital assets available on the exchange.
As always, anything Binance does is worth paying close attention to, even if your non-American Binance account is #SAFU.