Quote from: qwertyup23 on June 16, 2023, 11:58:54 PM

Assuming that Binance indeed goes offline, lots of exchanges would now be affected by this kind of damage.

Binance is without a doubt one of the most trusted exchanges in the market due to its market cap and liquidity. At least almost a majority of cryptocurrency holders have used Binance once in their life as it is considered one of the pioneers of exchanges. It has built its name and reputation from countless of transactions as it is now trusted by almost all users.

If Binance goes offline, this would definitely affect most of the exchanges world-wide. Expect prices of cryptocurrencies to plummet as there would be no reliable exchange for users to transact their coins from users across the globe.

Some exchanges that receive favorable aid from Binance will follow suit with the exchange's dump, which occurred in a single day and quickly broke the entire crypto market. For example, the crashes of Terra Luna and FTX witnessed horrific events in space, and I wouldn't be surprised if Binance crashed, since it has competitors. Should Binance suffers a setback and goes offline or downgrades, bitcoin will not be affected. Bitcoin existed prior to Binance, and it is a self-sufficient prominent initiative capable of dominating the entire market with a single bull or bear movement.