CCN: The World's Largest Encryption Exchange Binance, which temporarily stopped deposits and withdrawals after its high profile hack that resulted in the loss of around $ 49 million in bitcoin, is set to resume deposits and withdrawals on Tuesday.
On May 10, Changpeng Zhao, CEO of Binance, announced in an official update that the stock exchange is planning to resume deposits and withdrawals early this week, and the company is planning to reopen the platform after a relatively large breach of security.
For Binance, 7,000 BTC hacks seem to be virtually no threat to the operation, and the exchange is expected to repay the $ 49 million it lost in less than two months, in terms of earnings in the first quarter of 201
Will Binance Resumption Trigger A Crypto Rally?
Over the past month, the bitcoin price has increased by 45 percent against US dollars, recording a staggering 90 percent increase so far.  Historically, a large bitcoin rally has led to other major crypto assets and tokens to regain momentum as the interest in asset class increases.
Crypto-active traders expect investors to redistribute some of the capital from bitcoin to more risky alternatives that boost confidence in the medium-term market sustainability.
"Binance aims for Tuesday to fully resume deposits and withdrawals. I suspect that altars will have a very green day, a trader says.
According to Bitwise Asset Management's report released in March, Binance about 40 percent of all global bitcoin trading.
] You can see the daily BTC the trading volume on these exchanges at: https://t.co/MQ4CD3K9hz pic.twitter.com/yLFiL8kQNn
– Bitwise (@BitwiseInvest) March 22, 2019  It will therefore not necessarily be far to expect to expect the resumption of Binance's operations v il have a great impact on the landscape of the altermark market, at least in the short term.
"The local top for both BTC and BTC Dominance seems to be in. We look at some crazy ALT pumps that money flows from Bitcoin to ETH and other crypto [assets]. Can you imagine Monday when we see Binance open to fresh bank threads coming in and regular media going nuts? "Another trader said .
Significant Revolution of Security Measures
In its latest update, Binance's team and Zhao said the exchange would be reopened with many advanced security features added to prevent a similar security breach from occurring in the future.
Our team is developing and working over the weekend. Over the past few days, we've made some significant revisions to our system, with a large number of advanced security features added and / or completely re-architected.
We will share details of some of the changes later. We aim to fully resume deposits and withdrawals on Tuesday. The time will be communicated at a later date, depending on how the testing goes.
Although Binance & # 39; s high profitability would have allowed the company to cover losses from hack with corporate funds, Binance's proactive work would establish an insurance fund at the end of 2018 in an unlikely event of security breach, probably led investors to demonstrate more confidence in the ability of the exchange to recover from hack.
Security breaches at Binance's wallet will probably be a warning if any major exchanges that the cryptos sector is growing will hackers attempt to exploit a wider range of sophisticated tools and methods for stealing funds,