Bitcoin Continues to Be the Go-To Store-Of-Value in Crypto Market

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Bitcoin is proving to continue its role as the asset of choice through the markets current run, gaining as much as 2.4% to USD 8,463 on Friday with Ether, Litecoin and EOS in the red.

It is thought that Bitcoin has benefited from the latest announcement that from September 2019, Malta-based Binance will cease providing services to US traders and plans to launch a separate exchange for its US users.

Bloomberg Intelligence analyst Mike McGlone commented that those selling and parking funds will always choose BTC as “It is the benchmark go-to store-of-value.” Others such as John Spallanzani, portfolio manager at Miller Value Partners, see Facebook’s crypto project pushing people towards Bitcoin. He argued:

“Bitcoin initially was established as the payment mechanism, the missing piece for the internet. Bitcoin was supposed to fill that void which obviously it has been,” he said.

Binance is still suffering from its recent security breach losing USD 40 million in a single transaction prompting changes to its terms of service. The exchange’s own BNB coin fell 6.4% on Friday. Users will be required to fulfill Binance’s terms of use within 90 days. Effective on 12 September 2019, accounts not in accordance with these terms will be restricted from the ability to trade and deposit on the platform.

At the time of writing Bitcoin is trading at USD 8,690.

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