BTC Binance FUD - 20k or Bear-trap?Bitcoin has fallen over 6% in mere hours after the announcement that one of the largest crypto exchanges, Binance, is being sued by the SEC. Now seems the best time for me to put in buying orders at certain support price levels.
I see three Scenarios:
1.The news that SEC is suing Binance will have no short term aftereffect on the Bitcoin price. The price will recover quickly. This seems unlikely based on negative historical BTC events, which are usually followed by heavy panic selling and bear whale market manipulation. I expect the price to be pushed down lower than here. No Plateau continuation likely.
2. I expect the price to be pushed by the bears, towards the Golden Ratio of the Fibonacci Retracement, at which point we will see a hard support level. At this point, the FUD has been likely exhausted and the bulls are back in play. We might Plateau here for a while at 24-25k (+/-0.3k). High probability scenario.
3. We see more/new FUD, which sends the panic selling into overdrive. The Golden Ratio support does not hold. The BTC price will take a hit and I expect this will push the price down to the low 20k's (+/-0.3k). Unlikely, but possible scenario. Next support level will be at 20 - 17k.
Changpengzhao
BUSD the next UST? Binance investigated! I think many of the Binance IPO whales will move away from BNB and BUSD after the news that the Securities and Exchange Commission (SEC) is investigating Binance for the issuance of its cryptocurrency token Binance Coin.
A report from Reuters agency says that Binance unknowingly processed billions in illicit transactions, including illegal drug sales, hacks, and investment fraud totaling $2.35 billion!
I think this could lead to sell-off in the crypto market if it proves to be true.
Looking forward to read your opinion about it.
Bitcoin Rising, CEOs Falling: Legal Challenges | Crypto AutumnJust like Arthur Hayes of BitMEX in Autumn 2020, Changpeng Zhao (CZ) of Binance is facing similar legal challenges in Autumn 2023.
Both incidents coincide with Bitcoin's Autumn price rising, from $10,000 in case of BitMEX and from $35,000 in case of Binance.
Legal experts predict CZ's potential prison time to be around a year or less, drawing parallels to Hayes, who received six months of house arrest in 2022 despite government efforts for a longer sentence.
Binance Whale Accumulates 2800 BNB Amidst Money Laundering ProbeThe BNB crypto token is creating quite the bustle within the cryptocurrency universe following Binance’s recent money laundering probe.
Simultaneously, a significant whale activity caught the eyes of crypto market enthusiasts as it accumulated notable amounts of BNB as of today, November 22.
The whale accumulation of BNB comes after Binance’s settlement with the US Department of Justice (DoJ).
Whale Accumulating BNB
According to recent market data offered by Lookonchain, a platform offering on-chain metrics, following the settlement between Binance and the US DoJ, a whale, previously known for accumulating BNB, once again amassed significant amounts of BNB.
As per the data, the whale accumulated 2,732 BNB, amounting to $646 thousand today, November 22. Furthermore, the same whale, accumulating BNB at price lows, stockpiled a total of 17,152 BNB at an average of $253 since May 10.
The aforementioned on-chain metrics caught the eyes of crypto market enthusiasts primarily due to Binance’s ongoing money laundering saga. BNB, or the Binance coin, is a cryptocurrency jacked and backed up by Binance, one of the world’s leading cryptocurrency exchanges.
As a result of the money laundering chronicle, the exchange’s credibility and reliability in handling significant amounts of cryptocurrencies has come under scrutiny.
BNB Analysist
As of writing, the BNB price witnessed a substantial downfall of 9.62% over the past twenty-four hours, reaching $234.07 today. Furthermore, the trading volume witnessed a significant jump of 58.68% over the past day.
The BNB price crash seems to fall in line with Binance’s recent DoJ settlement, where Binance pleaded guilty and agreed to pay over $4 million to resolve the DoJ’s investigation into violations related to the Bank Secrecy Act (BSA), failure to register as a money transmitting business, and the International Emergency Economic Powers Act (IEEPA).
BNB Price Soars As Binance Discusses $4 Billion Fine The U.S. Justice Department is seeking more than $4 billion from Binance Holdings as part of a proposed resolution of a years-long investigation, Bloomberg News reported on Monday.
Negotiations between the Justice Department and Binance include the possibility that the cryptocurrency exchange's founder, Changpeng Zhao, would face criminal charges in the United States.
The BNB price soared as much as 7% after Bloomberg News reported that Binance is in discussions with the US Department of Justice (DoJ) that may result in it paying a $4 billion fine to settle allegations of multiple criminal violations.
The discussions with the DoJ may result in a settlement within weeks, but founder Changpeng Zhao may still face criminal charges, Bloomberg reported, citing people familiar with the matter.
Binance, the world’s biggest crypto exchange, has been accused of money laundering, violating sanctions, bank fraud, and breaking US securities laws in a case that has weighed heavily on the crypto industry.
A $4 billion settlement would make it one of the biggest in the history of the cryptocurrency space. Whether other conditions would be imposed as a part of the settlement are unknown, Bloomberg said.
The BNB token, which powers the Binance ecosystem, spiked as markets interpreted the news as a bullish, best-case scenario for the beleaguered crypto exchange. It subsequently pared gains to trade up 4.8% at $260.73 as of 06:12 EST but is now trading at $257.3 with a gain of +1.77
BNB Binance Coin | Prepare for a Sell-Off !Yesterday, CZ Changpeng Zhao, the CEO of Binance, was evasive when asked by CNBC if he has cash reserves to cover $2.1 Billion from the FTX collapse. I don`t believe he has the money.
I think BNB Binance Coin has come a long way. it was fun. My first investment in it was in 2019 around $6.5 to catch the MATIC ICO exclusively on Binance.
Now the volume is decreasing while the price is still holding.
I predict a selloff is about to come!
Write me your price target!