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.
Exchanges are how new money comes into Bitcoin. It certainly makes sense that something bad going on with exchanges would make people afraid and therefore sell temporarily.
I does suck that the bitcoin market is soooooo delicate that it moves a ton on such things, but that's just the way of things right now. Also realize a lot of people are probably selling simply because they expect the price to go down on such news, so its a self-fulfilling thing. Traders hear bad news and they sell simply because they expect the price to drop from others selling, and so the price goes down more.
Anyway, hopefully in a few years we'll get to a point where exchange regulations are put together so exchanges are all on solid legal footing and there's nothing like the SEC attacking exchanges going on, and exchanges being transparent (probably due to regulations and all with proper security and insurance protocols in place) so we don't get stuff like FTX happening or bad results from hacks happening.