6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.
Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.
Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.
The thing is that while people keep being paid in fiat for their goods and services, then exchanges are very important for Bitcoin.
When people transition to getting paid in Bitcoin directly, then exchanges will fade away because there would be no real need for them.
The reality is that many people are just "betting" on Bitcoin, so they want to maximize their fiat by "buying low and selling high". That's not going to affect Bitcoin in the long term, it just creates noise in the short term.