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Binance Goes Global with EUR/GBP Fiat-to-Crypto Exchange

  • Alex Morris
    📰 News

    Binance is determined to rule the crypto universe, but it won’t be able to do that without conquering the biggest market along with its current ruler


Binance Goes Global with EUR/GBP Fiat-to-Crypto Exchange
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Binance, the number one cryptocurrency exchange by daily trading volumes, has rolled out a new fiat-to-crypto exchange in Jersey. The newly launched exchange debuts with four trading pairs (BTC/GBP, BTC/EUR, ETH/GBP, and ETH/EUR).

buy

Snubbing the US

The recently launched exchange supports 58 countries from the get-go. Noticeably, it misses out the US, the biggest cryptocurrency market in the world, despite the fact that all other Anglo-Saxon countries made an appearance on the list. The good news is that the Binance Jersey exchange will support almost all European markets along with major Asian markets (Japan, South Korea, Hong Kong).       

In order to get more people on board, #Binance offers the first 5,000 users 20 EUR for simply completing KYC.


Why Jersey?

It’s not surprising that Binance has decided to settle in Jersey given that the UK self-governing arm is considered to be a tax haven. Binance’s Zhou Wei earlier explained that Jersey is supposed to be the startup’s springboard for global expansion, with GBP as a major currency and close ties to the UK being among the main reasons behind this decision.

As U.Today reported earlier, Binance CEO Changpeng Zhao announced his plans to open up to ten fiat-to-crypto exchanges ‘on every continent.’ The first crypto-fiat trading platform went live in Uganda on Oct 24.    

XRP shilling

Binance has been cozying up to the Ripple community even since making XRP one its base pairs, so why not ask for more? XRP/GBP, XRP/EUR pairs were among the top requests on Twitter.

Some users also complained about expensive withdrawal fees and lack of support for US customers. Hence, Brian Armstrong can sleep well tonight, even thought CZ earlier said that there was no bad blood between Binance and Coinbase.

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It Could Take Bitcoin 22 Years to Retest Its ATH: UBS Analyst


It Could Take Bitcoin 22 Years to Retest Its ATH: UBS Analyst
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The fact that Bitcoin saw its price breaking above $5,000 at the beginning of April made everyone highly optimistic about the prospects of a full-fledged bull run. However, crypto bulls shouldn’t hold their breath since it could take decades for the number one currency to recover from its epic downfall.

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Bitcoin compared to other bubbles  

After comparing Bitcoin to other bubbles, UBS analyst Kevin Dennean came to a conclusion that BTC will most likely follow their lead, Business Insider reports.
However, here’s a catch – Bitcoin will have to undergo a long-lasting recovery, so it is not reasonable to expect another bull run in the nearest future. For comparison, it took the Dow Jones Industrials 22 years to reach its previous peak.   


‘We're struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are,’ Dennean claims.

Bitcoin compared to other bubbles  

Picture: ©FactSet

With that being said, it is still not guaranteed that a certain bubble retests its ATH even after decades since a big burst. Nikkei, despite reaching its 20-year highs in October 2017, was still 50 percent lower than its ATH that was recorded in 1989.

Nikkei

Picture: ©ATLAS

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When you lose, you win

During the peak of the crypto market, Bitcoin was frequently compared to the infamous tulip mania, but these two barely had anything in common (except for the horrible stability of value). Hence, it hardly makes sense to apply a certain pattern and expect Bitcoin to behave in a similar fashion to other bubbles.

Historically, enormous price crashes actually benefited Bitcoin. As reported by U.Today, Bitcoin trader recently noticed that the BTC price rise 5.1-16.89 times every 70+ percent plunge. Crypto bulls have every reason to expect a similar outcome this time around.

'Shadow of bull statue on texture tiles floor metaphor of bull market is coming for stock market or investment asset' image by 123rf.

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