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[NoLimits15]

Popular crypto exchange Binance bought crypto data hub CoinMarketCap for $400 million. Binance also owns other major crypto applications like DappReview, WazirX, JEX and Trust Wallet. Some people have expressed their dissatisfaction over this because CoinMarketCup will become much more centralized after this as the data and analytics will now be controlled by Binance.

 

[KarthikP]

I want to know the reason behind Binance purchasing coinmarketcap. What are they gonna get by buying this cryptocurrency tool? Are they getting any benefit?

 

[jakeri]

Coingecko is an alternative

 

[hibi3454]

Wow this sure is massive, as CoinMarketCap was a leading crypto tool with millions of user, so good for Binance honestly, lets see how it all works out at the end though.

 

[leithy]

Do not know how coinmarket makes money and therefore how it can be valued at such a high amount.
Announcement fom this link.
binance-coinmarket

 

[Brain]

Just read about this and people are not happy about this purchase but nothing anyone can do about it though. Even it clearly enough now that everything will be controlled by Binance

 

[SCAMEXPOSER]

Very likely Binance will now regulate Bitcoin prices and few other activities, it is possible that soonest Binance will launch their own coin there by dominating the market the more.

 

[Mbwolf]

this si business you can't really blame them to be honest , this is how they can get more clients and more profits an also more data about their clients

 

[Crytoman04]

Binance way to operate, remembers me this way China is investing.
Buying infrastructure, holding 50% on some coins. And so on.
I think that could be dangerous in future

 

[Wisdom01]

Very likely Binance will now regulate Bitcoin prices and few other activities, it is possible that soonest Binance will launch their own coin there by dominating the market the more.

The price of bitcoin cant be regulated by anyone ,its regulated by the forces of demand and supply
Binance already created their coin bnb

 

[Ewogboka]

The price of bitcoin cant be regulated by anyone ,its regulated by the forces of demand and supply
Binance already created their coin bnb

Don't say that price can't be regulated by any one because there major bitcoin holders mostly referred to as whales, they control the price of bitcoin .

 

[SCAMEXPOSER]

The price of bitcoin cant be regulated by anyone ,its regulated by the forces of demand and supply
Binance already created their coin bnb

Binance is a powerful exchange site as it stands, yes forces of demand and Supply determine the price of bitcoin but what if someone who has bought bitcoin when it was $3500 decided to sell his Bitcoin and has enough bitcoin in stock no doubt the market will be flooded with bitcoin and the price will drop, so some giants can regulate Bitcoin price.

 

[Wisdom01]

Binance is a powerful exchange site as it stands, yes forces of demand and Supply determine the price of bitcoin but what if someone who has bought bitcoin when it was $3500 decided to sell his Bitcoin and has enough bitcoin in stock no doubt the market will be flooded with bitcoin and the price will drop, so some giants can regulate Bitcoin price.

That might not be possible because of the large userbase bitcoin has , the more people are buying in bulk, the more people are selling in bulk .It will be very hard

 

[SCAMEXPOSER]

That might not be possible because of the large userbase bitcoin has , the more people are buying in bulk, the more people are selling in bulk .It will be very hard

There are certain price in which only few are able to buy Bitcoin in bulk especially if the price is high only few can afford so those who can. Afford buy in bulk and control the market at that moment

 

[Balint098]

the more people are buying in bulk, the more people are selling in bulk

Not true, People buying bitcoin in large quantities usually mean they are purchasing it to hodl it, not trading nor selling it. This is just another business move that Binance took to expand their sphere of influence.

 

[Wisdom01]

Not true, People buying bitcoin in large quantities usually mean they are purchasing it to hodl it, not trading nor selling it. This is just another business move that Binance took to expand their sphere of influence.

What if they are buying in bulk to trade ,its possible someone buys bitcoin in bulk to trade ,because i wrote they buy in bulk not hold or trade it

 

[Balint098]

What if they are buying in bulk to trade ,its possible someone buys bitcoin in bulk to trade ,because i wrote they buy in bulk not hold or trade it

Only minority of buyers do that. There's this report from several crypto news sites about how only a meager amount being traded daily. Here's the thread:

https://www.beermoneyforum.com/thre...ity-are-held-as-investment.86508/#post-621000

 

[Wisdom01]

Only minority of buyers do that. There's this report from several crypto news sites about how only a meager amount being traded daily. Here's the thread:

https://www.beermoneyforum.com/thre...ity-are-held-as-investment.86508/#post-621000

Sure maybe its minority and not majority, even if I buy bitcoin in bulk, I will prefer holding it ,so as not to make loss trading it on a daily ,but only few trade theirs

 

[salvi]

I think binance will like to increase their value as they have own currency and much better than bitcoin soon I am sure this will benefit them further better to earn much more than predicted.

 

[Balint098]

much better than bitcoin

Doubt any other coin can beat Bitcoin lol. It's not really doable since the majority of crypto userbase are bitcoin fans. Who knows if in the future they went bankrupt.