SEC Lawsuit Against Binance Is Likely To Hit Bitcoin Price

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Quote from: BenCodie on June 25, 2023, 06:24:29 AM

The next FUD, or hits to BTC price (if catalysts don't prevail) include:
- Coinbase being forced to stop services and liquidate assets due to ongoing SEC scrutiny
- US selling seized coins
- Mtgox payments

Binance and the SEC will be at heads forever. The fact is that Binance will never be touched by the SEC outside of their ability to limit their services in western countries. China have closed ties with Binance and there's no reason to believe that this will ever not be the case. Binance is a huge asset to China in the war that is controlling cryptocurrency.

Rumors are getting warmer, especially the two points above. There are issues that arise. Missing one is born another. Yes. like that Keep scrolling here and there. What is certain is that it is not the time for the market to take off and return to normal again. . Binance. Yes. everything is made for its users to be safe and this is from my positive point of view.

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Quote from: YUriy1991 on June 28, 2023, 01:04:51 PM

Quote from: BenCodie on June 28, 2023, 06:15:42 AM

I think it's more likely for Binance to cease western operations, disregard the SEC and continue operating in european and eastern markets in comparison to Coinbase operating elsswhere.

Currently, if you look at developments from some time ago, Binance has faced scrutiny and warnings from regulatory authorities in several countries, including the US. If Binance stops its operations in the Western market, I think it has the potential to affect the trust and confidence of investors, especially those who are more concerned with regulatory compliance. If Binance ignores the SEC and continues to operate in European and eastern markets as you said above, it may could be. But, I think it could face legal consequences that could hinder Binence's operations and reputation. Going forward, going backwards is hitting Binence.

Yes, they have. And every time they basically evade consequence and find a way around it.

The only reason why Binance continues to survive is because they are at minimum quietly supported by Chinese/eastern governments, and at maximum already an asset used by governments and closely working with CZ in the goal to retain economic power.

With this in mind, they can easily leave the US, or ignore the SEC, and continue to operate (probably wherever they want). What are the SEC going to do about it? Kick and scream in the media? Try to take them to international court? Maybe both...but until the judge slams the hammer they'll still continue to operate.

I think everyone severely underestimates the amount of economic and political power Binance have, and have behind them.

BITCOIN4X

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Quote from: YUriy1991 on June 28, 2023, 01:04:51 PM

Currently, if you look at developments from some time ago, Binance has faced scrutiny and warnings from regulatory authorities in several countries, including the US. If Binance stops its operations in the Western market, I think it has the potential to affect the trust and confidence of investors, especially those who are more concerned with regulatory compliance. If Binance ignores the SEC and continues to operate in European and eastern markets as you said above, it may could be. But, I think it could face legal consequences that could hinder Binence's operations and reputation. Going forward, going backwards is hitting Binence.

Let Binance decide how it does business in the European, Western, and Eastern markets because they are fundamentally exchanges that are supposed to be volatile. As for how Binance's policies comply with the rules of a country, it has nothing to do with bitcoin.

I'm sure if they withdraw from markets that have a large user base, then the impact on the bitcoin price would be very obvious, it would be able to see the price correct deeply, but I think it's only a temporary impact.

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Quote from: BenCodie on June 28, 2023, 06:15:42 AM

I think it's more likely for Binance to cease western operations, disregard the SEC and continue operating in european and eastern markets in comparison to Coinbase operating elsswhere.

Currently, if you look at developments from some time ago, Binance has faced scrutiny and warnings from regulatory authorities in several countries, including the US. If Binance stops its operations in the Western market, I think it has the potential to affect the trust and confidence of investors, especially those who are more concerned with regulatory compliance. If Binance ignores the SEC and continues to operate in European and eastern markets as you said above, it may could be. But, I think it could face legal consequences that could hinder Binence's operations and reputation. Going forward, going backwards is hitting Binence.

BenCodie

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Quote from: TravelMug on June 28, 2023, 05:08:30 AM

Quote from: BenCodie on June 25, 2023, 06:24:29 AM

The next FUD, or hits to BTC price (if catalysts don't prevail) include:
- Coinbase being forced to stop services and liquidate assets due to ongoing SEC scrutiny

Most likely Coinbase has plan B already, getting out of the US market, so again the effect might not be substantial.

Quote from: BenCodie on June 25, 2023, 06:24:29 AM

- US selling seized coins
- Mtgox payments

This has been in the news for so long, specially the Mt. Gox rehabilitation, and yet prices remain steadily.

Quote from: BenCodie on June 25, 2023, 06:24:29 AM

Binance and the SEC will be at heads forever. The fact is that Binance will never be touched by the SEC outside of their ability to limit their services in western countries. China have closed ties with Binance and there's no reason to believe that this will ever not be the case. Binance is a huge asset to China in the war that is controlling cryptocurrency.

This is the current issue that we have, I wouldn't say it's very big though, it's not like a black swan event or something. But everyone is on this one, we are all fixated as to what will be the outcome of the lawsuit. SEC is big and I doubt that they are going to lose this battle against Binance. But Binance is all prepared as well. So it will be interesting as what will be the outcome in the next coming months. Or when the decision is handed down.

Coinbase primarily moderate in the US. Without US business and abilit to have infrastructure or employnent there, they'll fail. If they stop operating there (due to SEC or to avoid the case) I doubt that they'll be able to operate freely with any other western country.

I think it's more likely for Binance to cease western operations, disregard the SEC and continue operating in european and eastern markets in comparison to Coinbase operating elsswhere.

TravelMug

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Quote from: BenCodie on June 25, 2023, 06:24:29 AM

The next FUD, or hits to BTC price (if catalysts don't prevail) include:
- Coinbase being forced to stop services and liquidate assets due to ongoing SEC scrutiny

Most likely Coinbase has plan B already, getting out of the US market, so again the effect might not be substantial.

Quote from: BenCodie on June 25, 2023, 06:24:29 AM

- US selling seized coins
- Mtgox payments

This has been in the news for so long, specially the Mt. Gox rehabilitation, and yet prices remain steadily.

Quote from: BenCodie on June 25, 2023, 06:24:29 AM

Binance and the SEC will be at heads forever. The fact is that Binance will never be touched by the SEC outside of their ability to limit their services in western countries. China have closed ties with Binance and there's no reason to believe that this will ever not be the case. Binance is a huge asset to China in the war that is controlling cryptocurrency.

This is the current issue that we have, I wouldn't say it's very big though, it's not like a black swan event or something. But everyone is on this one, we are all fixated as to what will be the outcome of the lawsuit. SEC is big and I doubt that they are going to lose this battle against Binance. But Binance is all prepared as well. So it will be interesting as what will be the outcome in the next coming months. Or when the decision is handed down.

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Quote from: pooya87 on June 23, 2023, 04:23:12 AM

Quote from: Wind_FURY on June 20, 2023, 05:22:16 AM

It won't matter if the SEC doesn't approve BlackRock's ETF application. Bitcoin will ALWAYS be fine because if you haven't noticed, they tried market manipulation, politics, FUD, network congestion, breaking crypto exchanges, and NONE of them worked to crash the market or to break the network. The Honey Badger simply don't care. We would be very lucky to catch a bid under $20,000.

That's true but I wouldn't say "they didn't work" because the fact that all of these efforts have succeeded in keeping the price from rising is a success for those trying to attack bitcoin. Otherwise the long term trend for the past 14 years should have been a big rise where price is currently sitting somewhere around $100k not still struggling at $30k level.

Probably. But Bitcoin still remains as the largest network in market valuation and adoption, and I am very confident that it will continue to exist, live longer than 99% of all cryptocurrency networks for decades.

Cool

Where are those shitcoin networks like Dash, Steem, EOS, NXT, Waves, Ethereum Classic and Decred. Some of them proclaiming themselves as the "Next Bitcoin".

-- I honestly liked Decred because they have smart developers, but the coin is probably dead.

BenCodie

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The next FUD, or hits to BTC price (if catalysts don't prevail) include:
- Coinbase being forced to stop services and liquidate assets due to ongoing SEC scrutiny
- US selling seized coins
- Mtgox payments

Binance and the SEC will be at heads forever. The fact is that Binance will never be touched by the SEC outside of their ability to limit their services in western countries. China have closed ties with Binance and there's no reason to believe that this will ever not be the case. Binance is a huge asset to China in the war that is controlling cryptocurrency.

Jating

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Quote from: erep on June 16, 2023, 07:12:30 PM

Quote from: Jating on June 16, 2023, 12:07:20 PM

It will definitely go away, we have seen like Mt. Gox and then all the hacks that had happen, China banning mining, pandemic and wars and yet bitcoin is still standing has remain very strong. So this is just another test for us, maybe not as worst as the FTX and Terra Luna last year, but still there is an impact in the market as the price drop to $25k.

We have analyzed every event related to the decline of Bitcoin and all the news just temporarily paralyzed the market, I assume it is just a normal market correction even without FUD news which seems to influence the market to be forced down significantly in a short time, because I have predicted the market before that the area a $25k correction is imminent and I have prepared a fund for a $20-25k buy area on a DCA basis in anticipation of the probability that the price could be lower than our predicted price.

Quote

Most likely the recovery will be long term, that's where we are looking at it right now. Again, this is just a test and it's really difficult, nevertheless there is a light at the end of the tunnel so to speak. Give at least 6 months short term, and then wait for the halving next year, long term.

Based on the current price, it is predicted that the price recovery opportunity will be faster or less than 2 months, but we never know bad possibilities can occur if there is news that will worsen the current crypto market situation, but in the end nothing can tear down the crypto market in terms of anywhere because the support of the global crypto community remains solid improving cryptocurrency achieving unlimited goals without any entity, group/organization even government to influence our goals.

I guess it's over now, I mean the effect has short shell life for bitcoin. And after the Binance case and the whole FUD behind it, the price has recovered already to $30k. But still though our thought process should be long term here. Yeah, we are all glad that $30k has been punch and it seems that we are maintaining it right now.

But next 6 months? a year from now? this SEC vs Binance could have been forgotten when the price goes to 6 digits at least. And maybe we can call it a blessing because when the price goes to $25k-$26k, there could be retail investors who could have bought in that price and now are in the profits.

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Do we have to care about Binance that much, they can care about their own business. Is Bitcoin really reliant on one website in that way, I hope they do great business and their customers really like them. What is of far more concern to me is if we are so wobbly on our ladder up that we could topple over if Binance doesn't do well or not, I dont care and I shouldn't have to. That company benefits from this ecosystem not vice versa especially, its my hope we aren't that wobbly and precariously arranged to fall over if a company cant as easily make the profits it had wished for. BTC hopefully is more diverse and evolving more broadly then just websites and a popular CEO etc.

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Quote from: Wind_FURY on June 20, 2023, 05:22:16 AM

It won't matter if the SEC doesn't approve BlackRock's ETF application. Bitcoin will ALWAYS be fine because if you haven't noticed, they tried market manipulation, politics, FUD, network congestion, breaking crypto exchanges, and NONE of them worked to crash the market or to break the network. The Honey Badger simply don't care. We would be very lucky to catch a bid under $20,000.

That's true but I wouldn't say "they didn't work" because the fact that all of these efforts have succeeded in keeping the price from rising is a success for those trying to attack bitcoin. Otherwise the long term trend for the past 14 years should have been a big rise where price is currently sitting somewhere around $100k not still struggling at $30k level.

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Quote from: Wind_FURY on June 22, 2023, 02:57:28 AM

Quote from: taufik123 on June 20, 2023, 11:38:35 AM

Quote from: Wind_FURY on June 20, 2023, 05:22:16 AM

It won't matter if the SEC doesn't approve BlackRock's ETF application. Bitcoin will ALWAYS be fine because if you haven't noticed, they tried market manipulation, politics, FUD, network congestion, breaking crypto exchanges, and NONE of them worked to crash the market or to break the network. The Honey Badger simply don't care. We would be very lucky to catch a bid under $20,000.

Bitcoin doesn't need an ETF, but they probably do.

Various ways are done to bring down Bitcoin and even they look hypocritical, just to bring it down and be able to buy at a low price.

To that I have and will always say, Buy the DIP and HODL. Don't allow yourself to be the one getting front-run by the billionaires. We should be the people front-running them.

We're in BitcoinTalk, trying to learn more about the network, getting more information, understanding different perspectives, AND debating about the price almost everyday. I believe that should help us find better probabilities to bid close at the best entries.

Cool

Yeah, I think if we want it to be simple and not complicate things on our end and think on when the price will go up or if the price nose dive because of whole SEC drama against Binance, it might be better to just buy in DIP and HODL.

DCA is one way, or if we have a huge capital then we can simple buy one time and put it on our wallet for safe keeping and just go back when the price hits all time high in the next coming years. For the lawsuit, we haven't heard any update yet from either side. But it's obvious that CZ will really fight this one. If most likely he will have his next move after the decision or maybe he has his plans already set in motion if ever he loses this case.

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Quote from: taufik123 on June 20, 2023, 11:38:35 AM

Quote from: Wind_FURY on June 20, 2023, 05:22:16 AM

It won't matter if the SEC doesn't approve BlackRock's ETF application. Bitcoin will ALWAYS be fine because if you haven't noticed, they tried market manipulation, politics, FUD, network congestion, breaking crypto exchanges, and NONE of them worked to crash the market or to break the network. The Honey Badger simply don't care. We would be very lucky to catch a bid under $20,000.

Bitcoin doesn't need an ETF, but they probably do.

Various ways are done to bring down Bitcoin and even they look hypocritical, just to bring it down and be able to buy at a low price.

To that I have and will always say, Buy the DIP and HODL. Don't allow yourself to be the one getting front-run by the billionaires. We should be the people front-running them.

We're in BitcoinTalk, trying to learn more about the network, getting more information, understanding different perspectives, AND debating about the price almost everyday. I believe that should help us find better probabilities to bid close at the best entries.

Cool

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Quote from: Wind_FURY on June 20, 2023, 05:22:16 AM

It won't matter if the SEC doesn't approve BlackRock's ETF application. Bitcoin will ALWAYS be fine because if you haven't noticed, they tried market manipulation, politics, FUD, network congestion, breaking crypto exchanges, and NONE of them worked to crash the market or to break the network. The Honey Badger simply don't care. We would be very lucky to catch a bid under $20,000.

Bitcoin doesn't need an ETF, but they probably do.

Various ways are done to bring down Bitcoin and even they look hypocritical, just to bring it down and be able to buy at a low price.
The SEC seems to want to attack everything and wants to dominate all laws in the US.

The BlackRock ETF was rejected, but that won't matter.
Bitcoin doesn't really need it, it can still survive all the FUD and manipulation.

As crypto users we also don't need to worry, this kind of FUD and manipulation is the best opportunity to buy cheaply because that's what Whales want.
No need to panic, remember that the Halving will happen soon. Diamond Hand will provide many benefits.

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Quote from: el kaka22 on June 16, 2023, 12:21:03 PM

I think it's quite obvious that it's not going to be easy to keep the price this low, I get that people sold and got out and this news was a bad news but that doesn't mean that we are going to end up with a terrible result just because of this news, it's not going to stay.

Do you know how many bitcoins need to be sold every single day to keep the price this low? Sure, when a bad news like this happens we have that and more, but when there is no bad news, or the bad news is now old news, it's not going to be that simple, we are not going to see it happen that frequently. So, this is why sustaining a low price at bitcoin world is the hardest thing and it will eventually go up. We need to focus on doing a lot better and it will happen only if we wait.

I think the price is so low not because someone is selling a lot, but because not many people want to buy bitcoin right now. The exchanges have small buying volumes, so you only have to sell a few times before the price starts to fall even lower. There is a lot of noise around exchanges right now, so it will probably stay that way for a while.

Wind_FURY

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Quote from: TravelMug on June 16, 2023, 07:52:46 AM

Quote from: rhomelmabini on June 15, 2023, 10:20:04 AM

Quote from: TravelMug on June 15, 2023, 09:18:31 AM

And you hit it on the bull eyes mate, Yeah, the spike to $27k after the initial news of Binance being sued by US SEC might be form or manipulation. And then we stay on the resistance level of $25k-$26k for sometime. But in the last 24 hours, maybe it was not due to the this news already, or it might be the effect of the pause of rate hike by Feds, the price suddenly goes down below $25k and it might still continue to drop to $23k-$24 maybe at the end of the month. I know, it's negative to us, but still though, another perfect chance to us to scope cheap bitcoin and grow our holdings.

As you might have said cheap and scoop, I think it was the big players like BlackRock a one of the many big financial company that buying at this level. It was indeed one of the shareholders/owners on Microstrategy and just saw a news this day on coindesk that BlackRock wanted to file a Bitcoin ETF. This isn't a coincidence and would the SEC deny it once again if it's regarding a spot Bitcoin ETF?

Edit: It was confirmed a spot Bitcoin ETF filed by BlackRock source: https://twitter.com/EricBalchunas/status/1669447691787444224?t=8G1gY_8x-_faXd2OmQgPzA&s=19

Good at least there are still companies like Microstrategy and BlackRock who knows how to play this game and then buying with the price is down. I can't answer the question though regarding if SEC will approved or deny it. But looking at the SEC on how many companies have applied for a spot and Bitcoin ETF, they just keep on rejecting it. So I wouldn't be surprised if this will be case here again for BlackRock as it seems that the US government or at least who is sitting right now is going anti-crypto and having a hard line stance.

It won't matter if the SEC doesn't approve BlackRock's ETF application. Bitcoin will ALWAYS be fine because if you haven't noticed, they tried market manipulation, politics, FUD, network congestion, breaking crypto exchanges, and NONE of them worked to crash the market or to break the network. The Honey Badger simply don't care. We would be very lucky to catch a bid under $20,000.

Bitcoin doesn't need an ETF, but they probably do.

erep

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Quote from: Jating on June 16, 2023, 12:07:20 PM

It will definitely go away, we have seen like Mt. Gox and then all the hacks that had happen, China banning mining, pandemic and wars and yet bitcoin is still standing has remain very strong. So this is just another test for us, maybe not as worst as the FTX and Terra Luna last year, but still there is an impact in the market as the price drop to $25k.

We have analyzed every event related to the decline of Bitcoin and all the news just temporarily paralyzed the market, I assume it is just a normal market correction even without FUD news which seems to influence the market to be forced down significantly in a short time, because I have predicted the market before that the area a $25k correction is imminent and I have prepared a fund for a $20-25k buy area on a DCA basis in anticipation of the probability that the price could be lower than our predicted price.

Quote

Most likely the recovery will be long term, that's where we are looking at it right now. Again, this is just a test and it's really difficult, nevertheless there is a light at the end of the tunnel so to speak. Give at least 6 months short term, and then wait for the halving next year, long term.

Based on the current price, it is predicted that the price recovery opportunity will be faster or less than 2 months, but we never know bad possibilities can occur if there is news that will worsen the current crypto market situation, but in the end nothing can tear down the crypto market in terms of anywhere because the support of the global crypto community remains solid improving cryptocurrency achieving unlimited goals without any entity, group/organization even government to influence our goals.

el kaka22

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I think it's quite obvious that it's not going to be easy to keep the price this low, I get that people sold and got out and this news was a bad news but that doesn't mean that we are going to end up with a terrible result just because of this news, it's not going to stay.

Do you know how many bitcoins need to be sold every single day to keep the price this low? Sure, when a bad news like this happens we have that and more, but when there is no bad news, or the bad news is now old news, it's not going to be that simple, we are not going to see it happen that frequently. So, this is why sustaining a low price at bitcoin world is the hardest thing and it will eventually go up. We need to focus on doing a lot better and it will happen only if we wait.

Jating

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Quote from: ShowOff on June 16, 2023, 11:51:10 AM

Quote from: cryptomaniac_xxx on June 16, 2023, 10:44:04 AM

I guess that's why people are saying that we are in the bear market, so technically the price can drop anytime and with that negative news around its sure a formula for a disaster. Nevertheless, even if we are in the $25k'ish, it is still well above the last lowest low or bottom price from last year. So it might not be a good sign that we are down, but we could say that the price is still at our support level.

Of course, we should be patience, although the halving is less than a year a from and we might think that it is still very long, time fly so fast, we are now in the middle of the year and in the next 6 months, we might not felt it but we will be in December and then at the start of the new year. So we just need to be ready if the price drops and then continue to accumulate.

The SEC has hit the price of bitcoin and has had a negative impact on the market, but I hope that slowly this problem will go away when everyone realizes that bitcoin has nothing to do with the SEC. Basically the SEC only attacks Binance and a few other centralized platforms, so we have to be pretty good at anticipating and having the right mindset about bitcoin.

The price of bitcoin will soon recover in both the short and long term, so patience and good management of emotions will definitely help a lot. Don't panic with the response of traders in the market even if they sell without much consideration, so hold on and expect returns worth it with all the risks so far.

It will definitely go away, we have seen like Mt. Gox and then all the hacks that had happen, China banning mining, pandemic and wars and yet bitcoin is still standing has remain very strong. So this is just another test for us, maybe not as worst as the FTX and Terra Luna last year, but still there is an impact in the market as the price drop to $25k.

Most likely the recovery will be long term, that's where we are looking at it right now. Again, this is just a test and it's really difficult, nevertheless there is a light at the end of the tunnel so to speak. Give at least 6 months short term, and then wait for the halving next year, long term.

ShowOff

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Quote from: cryptomaniac_xxx on June 16, 2023, 10:44:04 AM

I guess that's why people are saying that we are in the bear market, so technically the price can drop anytime and with that negative news around its sure a formula for a disaster. Nevertheless, even if we are in the $25k'ish, it is still well above the last lowest low or bottom price from last year. So it might not be a good sign that we are down, but we could say that the price is still at our support level.

Of course, we should be patience, although the halving is less than a year a from and we might think that it is still very long, time fly so fast, we are now in the middle of the year and in the next 6 months, we might not felt it but we will be in December and then at the start of the new year. So we just need to be ready if the price drops and then continue to accumulate.

The SEC has hit the price of bitcoin and has had a negative impact on the market, but I hope that slowly this problem will go away when everyone realizes that bitcoin has nothing to do with the SEC. Basically the SEC only attacks Binance and a few other centralized platforms, so we have to be pretty good at anticipating and having the right mindset about bitcoin.

The price of bitcoin will soon recover in both the short and long term, so patience and good management of emotions will definitely help a lot. Don't panic with the response of traders in the market even if they sell without much consideration, so hold on and expect returns worth it with all the risks so far.

Topic: SEC Lawsuit Against Binance Is Likely To Hit Bitcoin Price (Read 579 times)