Bitcoin Moons, Altcoins dump: The Binance Theory

Bitcoin has surpassed $6200 at a new yearly high. It would reason that Alt Coins would soon Bitcoin in this kind of glory. However, that has not been the case. Alt Coins have actually been lagging and going down despite the rally in Bitcoin, going in the opposite direction. This, I believe, could be due to the Binance hack and the suspension of deposits and withdraws on the world’s most popular exchange. Binance’s real volume(non wash trading) is the biggest in the world and is seen as the on-ramp to many Alt coins. Without being able to deposit Bitcoin into Binance to buy these alt coins, they may all be suffering and lagging behind. The Binance hack could also have some people worried that the market will fall and since they cannot withdraw their funds and sell for cash on Binance, they pumped it into the biggest and most safe coin, Bitcoin, causing a Bitcoin Rally and an Alt coin fallout.

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