Cryptocurrency Market Drops $25 Billion, Bitcoin Below $8,500

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BITCOIN ANALYSIS MARCH 23, 2018 11:05
Cryptocurrency Market Drops $25 Billion, Bitcoin Below $8,500

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Bitcoin has fallen below the $8,500 mark, merely 24 hours after surpassing $9,000. The entire cryptocurrency market has dropped $25 billion, and analysts suspect that the abrupt market decline was fueled by FUD (fear, uncertainty, doubt) surrounding Binance.

Market Slumps
Earlier this week, Japanese mainstream media outlet Nikkei reported that Binance was warned by the Japanese Financial Services Agency (FSA) for serving local investors on its platform. Binance, the world’s largest cryptocurrency-only exchange, operates internationally serving millions of users in different regions. Hence, it is obvious that users in Japan could trade on the Binance trading platform, as they can trade on Upbit, Bittrex, Poloniex, or any other cryptocurrency-only exchanges.

However, Nikkei reported that criminal charges will be filed against Binance if the exchange “fails to halt Japan operations,” and the misrepresentation of the situation led the market to panic. Changpeng Zhao, the CEO at Binance, released a statement to reassure its users and investors that the report of Nikkei was irresponsible, and that the Binance team has been communicating with the FSA for awhile.

“Nikkei showed irresponsible journalism. We are in constructive dialogs with Japan FSA, and have not received any mandates. It does not make sense for JFSA to tell a newspaper before telling us, while we have an active dialog going on with them,” wrote CZ. “No need to worry. Some negative news often turn out to be positive in the long term. Chinese have a proverb for this. New (often better) opportunities always emerge during times of change.”