The Bitcoin and crypto market in general has experienced a shock in the last few days after what some have come to know as the “binance effect.”
When Binance announced its intention to delist Bitcoin Satoshi Vision (BSV) from its large trading platform, the news sent a mild shock across the market, affecting prices of various top cryptos. In fact, almost all of the top 20 cryptos were affected.
Prices went down by a few percentages following the announcement as people scrambled to figure out what the event meant for the market.
However, the effects seem to have finally died down as the market embarks on a quick recovery. Prior to the Binance announcement on April 15, Bitcoin was battling to break through the $5,200 resistance level, with many seeing that eventuality as the gateway to a new massive bull run.
Right after the announcement, the price went down to the $4,900 range. At the moment, the situation seems to have resolved itself as Bitcoin is currently trading at around $5,260.
BSV Is Losing Massively
While the “binance effect” affected a lot of crypto tokens, it’s BSV that took the heaviest hit as news of its delisting came to light. The crypto has since lost over 20% of its market value. Still, things don’t seem to be working out well for BSV as even more crypto exchanges have announced plans to delist it.
Bulls: Ready Or Not?
The current market situation puts to question the now rare sentiment that the bear market is not over yet. To many, Bitcoin’s resilience has clearly indicated that the bears are no longer in control.
However, the question now is whether the bulls are ready to stage a major break out yet. Granted, a Bitcoin bull run has long been anticipated to happen in 2019, and judging from the current crypto scene, it’s no longer a matter of if, but when.