SEC lawsuit caused massive market crash - page 4.

blockman

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Quote from: killerfrost on June 12, 2023, 12:27:21 AM

Looking at what is happening in the market I can understand the mood of crypto investors who are losing and panicking, this is an undesirable thing to happen in this market but it has been happening.

Most of the ones that are losing and panicking are new in the market. They haven't experienced this before and that's why they're feeling like that. Although they don't see this coming, it's such a nice experience for them to have it firsthand before the actual bull run comes.

Quote from: killerfrost on June 12, 2023, 12:27:21 AM

However, if you really look closely at the problem, perhaps realizing that this is also part of the market and unavoidable, nothing goes up forever and nothing goes down forever. In the long term, my trust with btc as well as crypto has not changed, continue to accompany and monitor everything, I also have some plans to buy and hold btc as well as some altcoins.

We better take it like that, everything that happens now is part of the market and we can't stop it from happening. So, we need to adopt and we should plan our ways of dealing it. While the market is dropping down, we can buy as much as the market's concern if it's still not up.

karabiber

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Quote from: killerfrost on June 12, 2023, 12:27:21 AM

Looking at what is happening in the market I can understand the mood of crypto investors who are losing and panicking, this is an undesirable thing to happen in this market but it has been happening. However, if you really look closely at the problem, perhaps realizing that this is also part of the market and unavoidable, nothing goes up forever and nothing goes down forever. In the long term, my trust with btc as well as crypto has not changed, continue to accompany and monitor everything, I also have some plans to buy and hold btc as well as some altcoins.

These events should not be a part of the market. Although the crypto markets were independent the eyes of the world economy were always on this market. That’s why the movements and steps taken must be very careful. Among the SEC's 13 complaints are CZ's control of the operations of Binance US, which should be independent, merging the company's client and corporate funds and artificially inflating trading volumes. According to the SEC's complaint, Binance transferred customer funds to institutional accounts managed by Binance CEO Changpeng Zhao.

The claim is seen as one of the most important among 13 complaints filed by the SEC and the U.S. Commodity Futures Trading Commission (CFTC). Binance US is under serious accusations that cannot be taken lightly. Let's see if CZ can pull through this time. One of CZ's key weapons, BNB is in free fall at the time. I think that all these developments will not affect Btc and Eth much. The situation is more critical for BNB and altcoins and I think the bull will come if CZ can defend himself from the charges and come clean.

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Looking at what is happening in the market I can understand the mood of crypto investors who are losing and panicking, this is an undesirable thing to happen in this market but it has been happening. However, if you really look closely at the problem, perhaps realizing that this is also part of the market and unavoidable, nothing goes up forever and nothing goes down forever. In the long term, my trust with btc as well as crypto has not changed, continue to accompany and monitor everything, I also have some plans to buy and hold btc as well as some altcoins.

Ziskinberg

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Quote from: Ultegra134 on June 10, 2023, 02:33:29 PM

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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?

We could understand the worrying sentiment of the holders making it selling off of their BNB and until such an issue isn't resolved yet, free fall will continue and the worse when the exchanges themselves announce shutdown.

And there is no other solution to this aside from Binance will secure all the necessary things needed by the SEC in order to prove that they don't involve any criminal activities or fraud. I know SEC is targetting big exchanges like Binance and they are very aggressive with that. But something we need to know is that money is more powerful than anything in this world today as when it talks, it will be done.

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Quote from: davide72 on June 11, 2023, 05:57:06 PM

Quote from: BaeSuzy on June 11, 2023, 04:26:35 AM

If binance lose in this case then we gonna see another crash in this year. Binance is the biggest market in the cryptocurrency so if they fall, then it gonna make all of the big coins especially BSC coin drop too. In this case binance isn't alone, i guess most of the crypto investor stay on the side of binance.

Binance has nothing to dowith Bitcoin and Altcoins, if Binance has done something illegal it is right that it pays. Then I think that if the btc will make a good crash I think it is a good opportunity for many to buy BTC at a lower price.

SEC has different perspective about that. That's why binance already sued by SEC. i think that you can try to see the fact that again if binance is now in a difficult situation after it has been sued by SEC.

Binance us has been halting its service. that means US will not able to buy crypto.

davide72

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Quote from: BaeSuzy on June 11, 2023, 04:26:35 AM

If binance lose in this case then we gonna see another crash in this year. Binance is the biggest market in the cryptocurrency so if they fall, then it gonna make all of the big coins especially BSC coin drop too. In this case binance isn't alone, i guess most of the crypto investor stay on the side of binance.

Binance has nothing to dowith Bitcoin and Altcoins, if Binance has done something illegal it is right that it pays. Then I think that if the btc will make a good crash I think it is a good opportunity for many to buy BTC at a lower price.

o48o

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Quote from: Husires on June 10, 2023, 08:21:04 PM

I checked the Bitcoin price and did not find a decrease. What is happening is a natural price movement, perhaps due to panic or panic, but the price is in its normal place.
The value of BNB decreased by more than 22%, which is a large percentage, but its price is in the hands of binance, they can burn a lot of it and the price will return again. the reaction of binance and the subsequent steps that it will take are what will determine the future of this currency.
I advise you to stay away from it for the time being and see how the company will act.

Burning it more often then originally scheduled would be another nail for the Binance as that would be market manipulation and even more ammo to SEC. And if i even i know this you can bet that binance advisors would be against that move. If you think that price won't recover without price manipulation, you should definitely sell or short because Binance will be very careful about their next steps as they are preparing for the court. I am just glad that it's one of the few players that has budget to fight.

flyingcarpet

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Quote from: Ultegra134 on June 10, 2023, 02:33:29 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?

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.

bittraffic

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Quote from: Ultegra134 on June 11, 2023, 06:52:45 AM

Well, maybe not yet, but personally seeing it drop like a stone from $300 to $230, then it's a great difference if you ask me. There are a few so-called analysts claiming that BNB might be susceptible to fall below $200, which would be disastrous and would cause a huge selloff.

$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.

riskarcher

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Seems like is not SEC vs Crypto anymore but SEC vs The World, i'm really not understand why they do that with Altcoin who have potential for the growth in the future, i think SEC is scared due to Dollar is weakning, Coinbase and Binance now targeted. Hopefully after the session of XRP with SEC is done, All crypto will againts to SEC because XRP know how to beat SEC. For this situation hold is better than we watch portofolio especially BNB, SOL and MATIC it' make frustrating when i'm see money was decrase, atleast i'm still buy these coin without caring market crash because i'm belive market will recover

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Quote from: woez on June 11, 2023, 02:19:39 AM

Quote from: adaseb on June 10, 2023, 11:47:56 PM

Remember right after Ftx went bust, CZ said that Binance is huge and most likely will be highly targeted and he was correct.

The amount of fud and bad news thrown at binance and CZ since FTX is crazy. But they are still here.
So I think BNB still has value and utility. However most likely no US people will be able to hold that token if they forbid it.

CZ did have a strong hunch. Concerning the potential restrictions on US individuals holding BNB tokens in the event of regulatory action should not be discounted. Regulatory restrictions can indeed affect the accessibility and market reach of certain tokens, as seen in other cases. I think it's wise to monitor developments in the regulatory landscape and assess how that might affect the availability of BNB to US investors.

The impact if BNB loses is indeed very large, because the marketcap on the Binance exchange is very large,
it can even reach half of the marketcap read on coinmarketcap,
especially with the bankruptcy of several other exchanges such as FTX, Bittrex, and Hotbit making the bitcoin market even more threatened.

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Everyone in the crypto community should know that the possible follow-up to this lawsuit will create massive corrective waves in the future. This must be considered and able to manage their assets, because I honestly thought that the first news about the lawsuit that should be the right opportunity to liquidate funds. But if not as calculated, this can be a big loss.

Ultegra134

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Quote from: Husires on June 10, 2023, 08:21:04 PM

I checked the Bitcoin price and did not find a decrease. What is happening is a natural price movement, perhaps due to panic or panic, but the price is in its normal place.
The value of BNB decreased by more than 22%, which is a large percentage, but its price is in the hands of binance, they can burn a lot of it and the price will return again. the reaction of binance and the subsequent steps that it will take are what will determine the future of this currency.
I advise you to stay away from it for the time being and see how the company will act.

Bitcoin's price has certainly fallen but not as much as other coins, it's currently ranging between $25,000 and $25,800, while it used to be over $28,000. From my point of view, its fall isn't that significant or worrying, Bitcoin is currently the least of my worries, it wouldn't go down just because SEC is after cryptocurrencies.

Quote from: danherbias07 on June 11, 2023, 05:57:36 AM

Well, XRP is still battling against them and their value has not depreciated that much. As long as there are supporters, they will surely keep on living. But the effect that it will bring to the market though should not be ignored.
BNB, I always think this coin is one of the strongest there is next to Bitcoin and Ethereum so I highly doubt that whoever in the government is trying to topple it will be successful. We also know CZ will fight this no matter what.
There had been a big movement and I think those are the investors who expected the price to go down so they liquidate their investments. But they will be back, that I am sure. It's not like BNB is a trash coin that will just be forgotten after a sell-off, maybe they just want their funds secured or make money out of this movement until everything is cleared again. It's a good strategy for those who are storing a lot of the said coin but when they will come back is another question, perhaps when we see some light at the end of the tunnel or before this issue is resolved. SEC is good at shaking the crypto market, that's all they can do when they get bored.

XRP is a complicated matter, it still hasn't resolved its previous issues and is now facing another challenge. I wouldn't be surprised if it ultimately losses the battle. BNB isn't a trash coin but as we've already noticed, all coins are subject to volatility when such issues arise.

Quote from: Xal0lex on June 11, 2023, 05:00:42 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.

Well, maybe not yet, but personally seeing it drop like a stone from $300 to $230, then it's a great difference if you ask me. There are a few so-called analysts claiming that BNB might be susceptible to fall below $200, which would be disastrous and would cause a huge selloff.

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Quote from: Xal0lex on June 11, 2023, 05:00:42 AM

Quote from: Ultegra134 on June 10, 2023, 02:33:29 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?

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?

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Well, XRP is still battling against them and their value has not depreciated that much. As long as there are supporters, they will surely keep on living. But the effect that it will bring to the market though should not be ignored.
BNB, I always think this coin is one of the strongest there is next to Bitcoin and Ethereum so I highly doubt that whoever in the government is trying to topple it will be successful. We also know CZ will fight this no matter what.
There had been a big movement and I think those are the investors who expected the price to go down so they liquidate their investments. But they will be back, that I am sure. It's not like BNB is a trash coin that will just be forgotten after a sell-off, maybe they just want their funds secured or make money out of this movement until everything is cleared again. It's a good strategy for those who are storing a lot of the said coin but when they will come back is another question, perhaps when we see some light at the end of the tunnel or before this issue is resolved. SEC is good at shaking the crypto market, that's all they can do when they get bored.

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Quote from: Ultegra134 on June 10, 2023, 02:33:29 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?

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.

BaeSuzy

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If binance lose in this case then we gonna see another crash in this year. Binance is the biggest market in the cryptocurrency so if they fall, then it gonna make all of the big coins especially BSC coin drop too. In this case binance isn't alone, i guess most of the crypto investor stay on the side of binance.

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Quote from: Ultegra134 on June 10, 2023, 02:33:29 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?

I don't think there's anything wrong with the crash, Binance is on fire right now after all. Bitcoin luckily not dropping down after all that Binance news is good, it means market isn't dumb enough again like in the FTX issue.

As for the issue itself, It's mostly the SEC having some problems with Binance no? Same with Coinbase. I think most people are just overreacting imo, it shouldn't really impact crypto in the long run. Binance getting hit? Then they'd simply be replaced, simple as that. The solution would simply be to fix whatever the SEC is trying to attack, in this case, I think it was mingling with user funds and registration for SEC? Might be more but idk, if Binance can't answer the allegations, then they go under. If they can, then things would continue as is.

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As I have observed for several years and learned about crypto these fuds, attacks, etc. are always there and we can't avoid them. Of course, some exchanges can't survive and are forced to shut down but they can't shut down cryptocurrency as a whole. These are just small trials on our long journey ahead. I am new to this industry I've been here in 2 bullrun 2017 and 2021 if I'm not mistaken and these fuds keeps coming from either china, US, or other countries releasing bans on crypto, etc. But when the bullrun and bitcoin halving is nearing they are releasing a train of good news for crypto.
Specifically on Binance case, I trust CZ will resolve it. check No. 4 on CZ tweet. https://twitter.com/cz_binance/status/1610018096122851328

woez

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Quote from: adaseb on June 10, 2023, 11:47:56 PM

Remember right after Ftx went bust, CZ said that Binance is huge and most likely will be highly targeted and he was correct.

The amount of fud and bad news thrown at binance and CZ since FTX is crazy. But they are still here.
So I think BNB still has value and utility. However most likely no US people will be able to hold that token if they forbid it.

CZ did have a strong hunch. Concerning the potential restrictions on US individuals holding BNB tokens in the event of regulatory action should not be discounted. Regulatory restrictions can indeed affect the accessibility and market reach of certain tokens, as seen in other cases. I think it's wise to monitor developments in the regulatory landscape and assess how that might affect the availability of BNB to US investors.

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