Binance Reopening Might Cause Market Correction

Exactly 7 days ago Binance, the largest cryptocurrency exchange by adjusted volume, was hacked for 7,000 BTC ($42M at the time of the hack). As promised by the CEO himself, Binance is about to resume withdrawals and deposits on May 14, around 11PM EST.

How Can Binance Make the Market Dip After Today’s Extreme Surges?

For 7 days, users of the world’s largest exchange could not withdraw their cryptocurrencies. Just two of Binance’s Bitcoin and Ether wallets hold more than $100M of users’ crypto alone. Today the market has experienced enormous growths, with Bitcoin over $8,000, Ether surpassing $200, and XRP spiking by more than 20%.

The first possible scenario of Binance reopening withdrawals and deposits is that a lot of…

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