Could Bitcoin Crash to $5,000 Following a Collapse of Binance?

• Binance remains under stern scrutiny from regulators and the community.
• Debate rages as some question the legitimacy of Bitcoin in such a scenario.
• Crypto influencer Rover predicts Binance collapse could lead to a drastic Bitcoin crash to $5,000.

Prominent crypto influencer Crypto Rover has sparked conversations about the potential consequences of the collapse of Binance, the largest crypto exchange. In a recent tweet, Rover argued the collapse of Binance would spell doom for the largest cryptocurrency, Bitcoin. He believes the fall of Binance would imply Bitcoin crashing 81.23% from its current $26,627.

“If Binance collapses, Bitcoin is going to $5,000,” Rover remarked.

Furthermore, the crypto influencer highlighted that the effect of such a collapse would shake the entire digital industry. This view stems from the fact that Binance is the most prominent crypto asset manager with nearly $60 billion.

Despite the potential consequence of such happening, Rover expressed a commitment to expose implicating details about Binance’s operation. Many crypto enthusiasts in the comment section agreed with Rover’s view about the implication of a Binance collapse.

Meanwhile, some others expressed counter-views. An X user dubbed Digifox argued against the reality of Bitcoin falling to $5,000 just because of the collapse of Binance. Digifox noted that, in the hypothetical scenario where such happens, he “would question the legitimacy of Bitcoin in general.”

It is worth noting that the discussions about the collapse of Binance followed recent developments in the crypto space. Since the collapse of the second-largest crypto exchange, FTX, market participants have been uncertain about the integrity of other centralized crypto platforms.

Moreover, while Binance has been embroiled in regulatory challenges, some prominent figures in the crypto community have continuously alleged that the exchange is not as secure as it portrays itself. They have continuously urged Binance users to withdraw their funds from the exchange.