BNB Binance the next FTX and the Crypto Collapse
Updated
I don`t think the bear market is over because of BUSD issues.
The Securities and Exchange Commission has told crypto firm Paxos who issued BUSD, that it plans to sue the company for violating investor protection laws.
Binance was the biggest holder of BUSD, with holdings worth 12.3bn, equal to 58% of the stable coin’s circulating supply on Ethereum, as of 1 October 2022.
On Sept 29 2022: "Existing USDC, USDP and TUSD balances in user accounts will be automatically converted to BUSD at 2022-09-29 03:00 (UTC) (“Auto-Conversion”)"
So after the SEC lawsuit i assume people will move from BUSD to USDT, which needs to print new coins and make bigger reserves. But they already have problems with liquidity, not all the market cap being assured by dollars.
USDC is issued by Circle, in which Goldman Sachs and other US entities invested.
In conclusion, i believe that after Binance delisted USDC, we are witnessing a war between the establishment represented by Circle and Binance, which could prove insolvent is people will fully exit BUSD and BNB. Paxos already announced that it won`t issue more BUSD after the SEC warning.
Binance also shuffled +$1 Billion in customer assets without customer permission, just like FTX - Forbes wrote in an article.
I think the SEC is after Binance.
In just 4 years, BNB, Binance Coin, made an impressive 7197X gain.
Considering it overvalued, i have used the Fibonacci retracement tool to determine the next support level.
My price target is the 0.786 level, respectively $160.
Looking forward to read your opinion about it.
The Securities and Exchange Commission has told crypto firm Paxos who issued BUSD, that it plans to sue the company for violating investor protection laws.
Binance was the biggest holder of BUSD, with holdings worth 12.3bn, equal to 58% of the stable coin’s circulating supply on Ethereum, as of 1 October 2022.
On Sept 29 2022: "Existing USDC, USDP and TUSD balances in user accounts will be automatically converted to BUSD at 2022-09-29 03:00 (UTC) (“Auto-Conversion”)"
So after the SEC lawsuit i assume people will move from BUSD to USDT, which needs to print new coins and make bigger reserves. But they already have problems with liquidity, not all the market cap being assured by dollars.
USDC is issued by Circle, in which Goldman Sachs and other US entities invested.
In conclusion, i believe that after Binance delisted USDC, we are witnessing a war between the establishment represented by Circle and Binance, which could prove insolvent is people will fully exit BUSD and BNB. Paxos already announced that it won`t issue more BUSD after the SEC warning.
Binance also shuffled +$1 Billion in customer assets without customer permission, just like FTX - Forbes wrote in an article.
I think the SEC is after Binance.
In just 4 years, BNB, Binance Coin, made an impressive 7197X gain.
Considering it overvalued, i have used the Fibonacci retracement tool to determine the next support level.
My price target is the 0.786 level, respectively $160.
Looking forward to read your opinion about it.
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BNB Binance Coin first Price Target reached!
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BUYSELL indicators tradingindicators.store/
TRADING COURSE bit.ly/tradex
RESULTS bit.ly/topgx
1%/DAY: bit.ly/3F56VTW
BYBIT partner.bybit.com/b/37880
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