It would appear that the horrid times for top digital asset Bitcoin hasn’t ended considering the fact that Bitcoin (BTC) has started the new year in a rocky fashion. The Hong Kong-based Binance exchange has revealed that it is “overwhelmed” by registrations for its trading platform, which the CEO of the exchange Changpeng Zhao has called a “crazy” demand.
Bitcoin (BTC) Price Today – BTC / USD
Many in the cryptocurrency space are of the opinion that the recently launched Jersey-based Binance exchange will bring fresh competition for top exchanges like Coinbase and Bitstamp.
Binance Jersey Allows Users to Trade British Pounds and Euros in Exchange for ETH and BTC
The Binance extension in New Jersey, which opened this Tuesday, will give users the option to trade the British Pounds and Euros with Bitcoin (BTC) and Ethereum (ETH) as well as gaining access to digital asset management. Binance has revealed that it expects Jersey to become a major driving force for sphere heading broader crypto usage in the European market. The exchange has cited Brexit as a key reason for expanding into Jersey. Cryptocurrency take-up in Europe has so far been sluggish compared to U.S. and East Asian markets, however, with daily bitcoin exchange volume on the continent less than 4% of the global volume late last year, according to CryptoCompare, a data provider.
Crashing Out of the EU Without a Deal Could be Catastrophic
During the last two years, the financial sector of the U.K.’s has been warned repeatedly regarding been wiped out should the country leave the E.U. without any trading deal in place (hard Brexit).
Earlier in the week the head of the U.K Finance industry body which represents financial services and banks, sounded a warning that crashing out of the European Union without a deal could have catastrophic effects for the country’s financial sector and banking industry (which particularly rivals that of New York as one of the biggest financial hubs in the world).
A disorderly Brexit would force the U.K into recession for two years according to the chief executive of Deutsche Bank Christian Sewing.
Mark Carney who serves as the governor of the Bank of England, warned two months ago that the pound could drop by a quarter should there be no Brexit deal in place.
Theresa May the British prime minister is battling to find a compromise to the Brexit standoff after the deal she reached with the European Union was rebuffed by parliament.
Bitcoin (BTC) Still Nursing a Hangover After 2017 Bullish Run
Recent price actions show that the Bitcoin (BTC) price is still healing from a hangover following the digital asset’s epic 2017 bullish run where it nearly crossed the $20,000 mark. However, while there’s still strong interest in the Bitcoin (BTC), digital currencies and alternative legal tender to the existing financial framework in the United Kingdom and Europe, Bitcoin’s price hasn’t been supported by this sentiment.
As of press time, the Bitcoin (BTC) remains trapped after a bear market that has taken away billions of USD from its market value. This period has seen the BTC price fall to $3,500 from nearly $20,000 over 13 months ago.