SEC lawsuit caused massive market crash - page 3.

Oasisman

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Quote from: Ultegra134 on June 10, 2023, 03:33:29 PM

The latest SEC lawsuit against Binance has caused a massive market crash, with BNB suffering the most, going as low as $233, the lowest it has ever been in 2023. Bitcoin has also suffered great losses, but it's not as bad as BNB, which hasn't stopped falling since the incident started and got progressively worse for altcoins when the SEC labeled 46 of them as securities to be avoided at all costs. Some of which include BNB, XRP, BUSD, MANA, and plenty of others. Personally, I believe that the condition is starting to become worrying, especially if Binance loses and there's no settlement, which would also have disastrous consequences for the market in general.

The most worrying of all is BNB, which is in freefall and its future might be doomed if no solution is found. What's your take on this? Do you think that a solution will be found to avoid any further losses, or are governments on their way of winning the war against cryptocurrencies?

Normal market reaction when an exchange is being sued by the SEC as people are gonna worry about lossing their asset if Binance won't be able to win the lawsuit against them.

https://www.google.com/amp/s/www.coindesk.com/policy/2023/06/13/us-judge-rebuffs-sec-request-for-binanceus-asset-freeze-for-now/%3foutputType=amp

With the judge allowing Binance to continue business as usual and rejecting the SEC request to freeze assets within the platform, more people will become skeptical and might sell their asset in order to again, avoid the possibilities of lossing their assets.
So, we might be expecting more free fall in the next coming days.

Sebas.tian

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I don't think, binance will fail in this challenge because they have what it takes to ensure their customers will not regret with the trust they have for them than to do everything possible to make their next move be a favourable one to their investors. Those coins you mentioned, I don't think their teams will allow their coins to go down like the way some coins went down forever than to do something that will make securities exchange commission to withdraw the case against them so that there will be love and progress among them. I don't think, it is the lawsuit that is causing this bearish market, because the dumping started early last year 2022 that made the price of binance to hit $300 before it decreased to $233 this period.

IvugeoEvolutionCoin

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Quote from: Bolivar_Tony on June 13, 2023, 07:04:07 PM

Quote from: goaldigger on June 10, 2023, 04:58:16 PM

I’m wondering if Binance will leave the US market, are they can still work well?
US SEC are the only problem to cryptomarket while the other countries are not doing any pressure against the top exchanges. Binance will survive on this, though its better to wait for the real bottom of the price since there’s a chance for Binance to go lower $200 again, its sad but this might be the next price for BNB.

The recent SEC lawsuit has had a significant impact on the market, causing a massive crash. It's a challenging situation, and its implications for the future of cryptocurrencies remain uncertain because we don't know who is next.

Yes we have to see what the end of it is now. We have to wait to see the end. But I think the SEC case may cause some problems in the market. Cryptocurrencies have a lot of problems after a few days. But what will happen now? Can't. Hope the SEC case is resolved very soon.

merekamo

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Reason for this market crash is the uncertainty and fear surrounding the SEC's actions against Binance and the potential consequences for the entire crypto market. Investors are worried about the outcome of the lawsuit and the possibility of Binance losing or not reaching a settlement. This has led to panic selling, driving the prices of BNB and other affected altcoins down.

Personally, I believe that the current situation is indeed becoming worrisome. If Binance loses the lawsuit and there's no settlement, it could have disastrous consequences for the market in general. The SEC's actions may lead to stricter regulations and reduced investor confidence in the crypto market. It is essential for the industry to address these concerns and work towards establishing a more transparent and regulated environment to ensure long-term stability and growth. Now, 14th June BNB raise again.

Teraboy

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Quote from: Rampagoe004 on June 13, 2023, 06:50:56 PM

I'm sure Binance will find a solution to this problem soon. They weren't scammer like Terra. What I think is we just need to hold our coins. No need to panic and then do a sell attack.
A few days ago I read in the news that dApps like ImToken have made some updates to comply with SEC laws. I believe Binance will also do the same.

well whether it gonna gets solved not in binance hands, we should just observe the outcome of the lawsuit and already be prepared for the worst that is if all investment went downhill we should have something to mitigate that, after all no one knows the end results.

Bolivar_Tony

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Quote from: goaldigger on June 10, 2023, 04:58:16 PM

I’m wondering if Binance will leave the US market, are they can still work well?
US SEC are the only problem to cryptomarket while the other countries are not doing any pressure against the top exchanges. Binance will survive on this, though its better to wait for the real bottom of the price since there’s a chance for Binance to go lower $200 again, its sad but this might be the next price for BNB.

The recent SEC lawsuit has had a significant impact on the market, causing a massive crash. It's a challenging situation, and its implications for the future of cryptocurrencies remain uncertain because we don't know who is next.

Rampagoe004

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I'm sure Binance will find a solution to this problem soon. They weren't scammer like Terra. What I think is we just need to hold our coins. No need to panic and then do a sell attack.
A few days ago I read in the news that dApps like ImToken have made some updates to comply with SEC laws. I believe Binance will also do the same.

CapGelatik

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The SEC is indeed now an enemy of crypto currency projects, XRP, Solana, Binance, and Coinbase are now fighting for their justice,
who knows what will happen in the future, but from this case we know that the impact on the crypto market is very large and even causes altcoins to fail to bullish,
Let's hope that good news from China comes again and makes the SEC understand that cryptocurrencies are not a threat.

lalabotax

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Yes, this does always happen. Not just this time, but several times the SEC has had a very high influence on the crypto market. What's more, this time the target is Binance and Coinbase, both of which are big exchanges. So that many parties feel worried and there are also several parties who take advantage of this moment to spread FUD even more, so that they can get crypto prices even cheaper. This happens frequently and will not stop, it looks like the SEC is looking for new targets again. What is their true purpose?

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Quote from: goaldigger on June 10, 2023, 04:58:16 PM

I’m wondering if Binance will leave the US market, are they can still work well?
US SEC are the only problem to cryptomarket while the other countries are not doing any pressure against the top exchanges. Binance will survive on this, though its better to wait for the real bottom of the price since there’s a chance for Binance to go lower $200 again, its sad but this might be the next price for BNB.

Could hit a big blow though but Binance could actually survive without US. I dont think they will stop or be stopped at this point. Its those guys from the US cant live without Binance I suppose (crypto maxi). They will need to do more on dexes if in any event most crypto exchange leave the US territory. If thats what they want then so be it. But I doubt there are hindrances on that. This Gary Gensler will have a lot of oppressors for sure.

Ojima-ojo

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Quote from: Bolivar_Tony on June 13, 2023, 12:14:17 PM

The SEC lawsuit against Binance has caused a major market crash, especially hitting BNB hard. It's worrying, and the future of BNB looks uncertain unless a solution is found. It remains to be seen if governments will have the upper hand in the crypto world.

The short term negative impact of the law suit against binance on BNB is greatly felt and those that are holding bnb are at lose right now but that will mostly affect those that are in for short-term position in the coin and have the liquidation price close this will end their positions at a loss.

But for those that are holding BNB for long-term asset holding, there have nothing to worry about as we are sure that BNB will recover in its price anytime soon when the wave of this crisis dies down and the exchange recovers from that, BNB is a utility coin and Binance is it biggest liquidity provider since BNB is used to pay fees on the instance smart chain.

Bolivar_Tony

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The SEC lawsuit against Binance has caused a major market crash, especially hitting BNB hard. It's worrying, and the future of BNB looks uncertain unless a solution is found. It remains to be seen if governments will have the upper hand in the crypto world.

zonefloor

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Quote from: Argoo on June 11, 2023, 03:01:36 AM

Quote from: zonefloor on June 10, 2023, 07:49:14 PM

Frankly, these lawsuits filed by the SEC did not add too badly to the market. At least there were no serious declines. Except for cryptocurrencies. But if the sanctions continue to increase in the future, then serious decreases will occur. It is useful to follow the market during this period, and these sharp declines can be an exit point for you and it may be inevitable that new millionaires will emerge.

It is a little strange that the SEC did not wait for the final court decision on his lawsuit against Ripple Labs. It is this decision that will significantly affect the fate of all other similar SEC lawsuits. Does the SEC hope that it will win this lawsuit? Otherwise, filing other almost similar lawsuits about the use of other cryptocurrencies is pointless. The bad thing is that the US government and legislators do not yet have a clear position on this issue and the SEC is on the path of developing judicial practice. But this is a very long way and therefore this situation will negatively affect the general state of the cryptocurrency market.

In the current market conditions, ripple is standing tall. Despite the lawsuits. If ripple wins the case and somehow manages to justify himself, I think he will do at least x10 in the next bull run. I think he will win the case. I have no idea what the SEC is trying to do right now, but I think you are following litigation policies due to government pressure and the principle of confidentiality is being tried to be removed.

Ultegra134

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Quote from: bittraffic on June 11, 2023, 11:19:39 AM

$190 I think could be its last bottom price. This crash is yet not over because the market may just keep dragging the price down below that support level. But once its going up, it may also break that $300 resistance as well.

I think we are already seeing the last string that SEC is trying to pull from crypto market. They are going all in beyond this, there is nothing more Gensler can do. Only Binance.us is where he could affect.

$190 isn't too bad if the fall stops there, will it however? So far, its progress look promising, the bottom stopped at approximately $225 and is already making a minor recovery, by reaching $242 already. Outstanding if you ask me, I wasn't expecting any kind of recovery anytime soon.

Quote from: flyingcarpet on June 11, 2023, 12:13:03 PM

If this case turns out to be positive, we cannot even predict the price increase of the mentioned coins. We should also consider the negative side and take precautions on our own. Everyone has more or less invested in these coins. I don't think there is a major collapse at this level. Drops in these rates happen all the time in crypto. Bitcoin did not have a negative impact on this case. Still standing firm. It will return strong on BNB. If Binance has done something wrong, it should do the right thing and go back to its old days.

We are at a very early stage right now. The decline in crypto as a result of different news it could be. The real issue here is whether we are going to buy in this decline and lower the average or do we sell some.

How can it turn positive though? Someone will ultimately need to withdraw, and the SEC doesn't look like it's going to back down that easy. It's still at a very early stage to speculate, but things aren't going to turn out okay if there's no solution found.

Quote from: Xal0lex on June 12, 2023, 06:06:40 AM

If bitcoin does not renew its bottom, then BNB will also keep its support at the $200 level. I agree that we are still in a bear market, but it is unclear which part of it. I'm more inclined to say the final part. And unless there is some major economic upheaval or a major scam of some famous crypto project, we will probably keep these current low values, which were formed last year.

That's not going to happen, Bitcoin isn't that affected by the whole incident, it's doubtful that we'll see a new bottom for Bitcoin. Thus, there's still a decent chance to see a stop in this bloodbath, it's already looking quite positive, but let's not speculate just yet, it's too early to make accurate assumptions.

gaston castano

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are they doing this on purpose to make the market go down, if indeed binance is down. this will have a huge impact on the crypto market as binance is the biggest crypto exchange right now.

krava22

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If we concider regulations as 'winning' goverment will get it sooner or later

NotATether

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SEC may be able to chase down exchanges but they can't do anything against crypto (except for obvious rugpulls that we're never meant to be crypto but a straight cash grab).

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Quote from: Ultegra134 on June 10, 2023, 03:33:29 PM

The most worrying of all is BNB, which is in freefall and its future might be doomed if no solution is found. What's your take on this? Do you think that a solution will be found to avoid any further losses, or are governments on their way of winning the war against cryptocurrencies?

Any centralized exchange would collapse and get replaced with the new one, similar like FTX and FTX token price is become worthless now. Well maybe CZ will find the solution, but maybe not, after all holding BNB or centralized coin for long term have a very high risk.

Government could win the war against cryptocurrencies and they can ban all cryptocurrencies, but as we know we can still trade a decentralized coin via P2P or decentralized exchange.

yazher

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After Binance carefully followed its rules and regulations, the SEC ended up still ruining Binance's market because it cannot fully control the crypto market. If Binance cannot be free from this kind of pressure from those Greedy Sec, I think other small exchanges need to consider cleaning everything inside because once the SEC will know they have some anomaly inside they will not get out with it and they might gonna ruined their reputations and will completely close their service due the SEC's lawsuits.

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Quote from: Kemarit on June 11, 2023, 07:25:44 AM

Quote from: Xal0lex on June 11, 2023, 06:00:42 AM

I don't consider BNB to be in a free fall. Last year it went down to $200 and found good support there. If you look at the chart, you will see that this is a serious support level and it has been tested many times since early 2021. Consequently, if the price does not fall below $200, then there is no serious reason to worry and it is just a prolonged correction. If the price drops below $200, it will mean a free fall down to levels no one knows about. You are too early to panic, nothing bad has happened yet.

Technically yes, it's not yet on the free fall, and just like Bitcoin, it has it's fair share of the price declining regardless if there was a case against Binance. Remember that we are still in the bear market so technically prices should be down at least.

And we can see that majority of the altcoins are around 80%-90% down, which is about the numbers in a bear market. I guess the question is that if this happens if the bull run, will Binance and BNB and other altcoins mentioned in the lawsuit will have a downfall or not?

If bitcoin does not renew its bottom, then BNB will also keep its support at the $200 level. I agree that we are still in a bear market, but it is unclear which part of it. I'm more inclined to say the final part. And unless there is some major economic upheaval or a major scam of some famous crypto project, we will probably keep these current low values, which were formed last year.

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