Another Fud or Its Reality? BTC is Down Again

[Faisal2202]

As many of you, must have heard the news of SEC sues Binance and its CEO Changpeng Zhao. And this has a great effect on the market as around $3.7 Billion dollars has vanished in 15 minutes only from BTC and Alts Source. Currently, BTC is 5+% down and still going down because of this news has created fud among early, new, and less capital investors. People are trying to withdraw their BTC to fiat or any other stablecoin (pegged). Why? this news has made so much impact on the market and why people fall for this FUD. Or is it really a FUD? Before declaring anything or acting on anything, we should shed some light on what is happening to the market.

source

You should keep this image in your mind and then read the following.
SEC and CFTC had sued Binance and CZ so many times, and we have been reading that news and ignoring them as those were at the lower level (i think), plus CZ always comes up on Twitter with something encouraging that could avoid people stopping panicking. And he still posted on Twitter Handle that it's a FUD. But still, people are leaving the market and so much BTC has been liquidated too.

source

Main Reason Behind this downtrend
Now SEC has sued Binance and CZ they are helping US citizens to get access to their Binance (US) exchange intentionally using their BM Trading Platform (As it can be seen above the Binance US). Well, That's not something new, As a few days ago CFTC also said that, and it was also discussed before.

• Binance and founder Changpeng Zhao violated compliance rules to attract U.S. users, CFTC alleges

Climax here is, SEC has found out that, the BAM Trading platform is directly linked to the US Binance exchange. How Bam Trading platform is linked to CZ, Go through the pic again and check the connection of US Binance to CZ and how much CZ holds in shares to BAM trading. Well, in the short story, SEC and CFTC sued CZ and Binance before, that, they are not registered with us and they should be banned for US citizens but CZ always come up with some unique plans to provide access to US citizen like, before he was alleged by SEC that, he made some VPN services for high class, VIP investors and traders of Binance so that they could keep using the Binance and Binance could generate millions of dollars in just fee money.

And we know that the US does not like that another person works on their soil without paying taxes or complying with us and still making millions of dollars. Well, no wonder there must be other factors too, on which SEC wants to control and they have to follow those rules and regulations to avoid streamlined adoption of crypto, My personal view on it does not matter, because those who have access to Binance and wants to make money (or want to use Binance) will definitely use it without fear of any regulation.

Coming back to the story, So, Binance was prohibited to provide access to US citizens and hence it was providing access to them using its unregulated platform (BAM Trading). So, People could keep using the features of (buy, sell, and trade crypto, asset securities) through an unregistered trading platform that directly links back to Binance and to CZ (CEO).
They also mention in their case that, BAM Trading provided the sales of unregistered assets (BNB and BUSD) and US citizens could access the feature of Binance ("BNB Vault" and "Simple Earn") through BAM Trading Platform which is the product of CZ (that what SEC says). In the Document, they also said that BAM has raised around $200 million of dollars which directly benefits CZ and the Binance platform.

Well, i could write the whole points that has SEC alleged CZ and Binance for but this is of no good here, because everyone could read it directly. So here is the link to read it.

You should read the reply from CZ's US Binance platform to SEC.

Source

Now, How BTC is being Effected by this FUD
The answer is simple FUD and FUD, (i am not trying to accuse anyone here just stating the facts) people are exiting from the market as i mentioned above and volume is decreasing which is a bad sign. The dominance of BTC will decrease. I wonder what would have created so much panic among lower-class traders and investors who have exited the market. I think most of them are in Telegram and Discord groups and those groups sometimes share the news without confirming it, like i hear the news that CZ will leave the slot of CEO for Binance and "Teng Key" will become the new CEO. (Source). You might be wondering if that, news would have a big impact but it was shared about 8 to 10 hours ago that CZ will replace by Teng Key and some Telegram Influencer use these types of news in such scenarios which encourage investors and traders who are facing big losses, who can not think straight due to loss of big money and some of them fall prey to such news without even checking the source or background. Because we all know if you want to take action then it must be hurry because till then you could lose more and more.

Another reason is those countries like mine, whose governments have seized the use of Crypto exchanges and banned crypto all over the country, we are already living under the roof of pressure and such news will put more pressure on that roof.

Now, what will happen to the market, how down it will go? is there still room to go down or hitting $25k was the target?

[1714204174]

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[stompix]

The answer is simple FUD and FUD,

Do you actually know what FUD is?

[Upgrade00]

people are exiting from the market as i mentioned above and volume is decreasing which is a bad sign. The dominance of BTC will decrease. I wonder what would have created so much panic among lower-class traders and investors who have exited the market. I

People are not exiting the market, they are exiting the exchange in question, they hold such a significant amount of Bitcoin that the news of them getting sued is enough to cause a wide spread panic among their investors.

There might also be some that would panic sell cause of the expected drop in price, or some that would try to short Bitcoin for a profit.

[anggoro manise]

Is that what happened?  it was very surprising to see the market today, in a few days I was optimistic that bitcoin and altcoins would go up slowly, but today I was very surprised because the price of all tokens fell dramatically in one day.  even all altcoins are down, lots of losses today. 

[franky1]

firstly people need to learn alot of things about crypto

bitcoins "store of value" is not based on its volatile market price nor any "high" . its based on an underlying bottom (non zero) value that gets periodically tested during times of dips. the speculative market above the bottomline value is always speculative and volatile. it moves up and down alot. so dont get too excited or exhausted by monitoring all the 5% swings.. its normal to see these.

this store of value is not some reserve amoutn stored in a bank of fiat money. its just a bottomline number statistic of non zero where the bitcoin price wont go down below unless bitcoin truly breaks

when a market price moves by 5%. this does not mean that there is some bank account of reserves that "disappear" .. there is no $XYZmillion "disappear" event

market prices are based on the events of small amount of coin offers that trigger price changes of small amount of coins.
a "market cap" is not a reserve of fiat money either. its just a BAD MATH of multiplying the current price by circulation of a currency.. but this still does not mean that fiat money has gone missing or disappeared. its just a bad math stat. nothing more


as for binance the main target is the "binance coin" which is being titled as a unauthorised security. so ofcourse anyone holding "binance coin" are going to sell it and get rid of their stash of it when the SEC says that its not a authorized security. they dont want to hold onto a bag of crap if binance are forced to stop trading it. becasue then where can people trade it to get out after its shut off.. in short they cant. so they will sell it before that possibility occurs

[Adbitco]

I know something very strong must have happened before we could see this downline, although this might not last longer i believe after sometimes the markets will stabilized again, normally in case like this traders always think of safety aspect of it to secure their investment either by pulling out their assets to safe custodian wallet or they quickly converts to stablecoin to secure their investment. At the point of executing this action that has brought so much break down in the market, so traders are really taking precaution especially the little holders while the whales see's it as an opportunity to hold more bitcoin and any other reputable coin that they have been admiring for the price to dip before acquiring them.

[n0ne]

SEC have sued binance, binance.us and its founder Changpeng Zhao. Offering unregistered securities to the general public is the reason behind it. More cryptocurrencies on the top order were also found to be unregistered securities. In the past 24 hrs, most of the cryptocurrencies have fallen down between 5-9% and the unexpected drop have happened. This will create some panic wave around the market. Various predictions have come and the least to reach is predicted to be $24.5k, and it is good time to buy to make some profit in the short term.

[Onset]

I’m by no means someone who believes CZ has never done something wronng or anything, but am I the only one who thinks this is just another hit from US in an attempt to destroy crypto? They’re seemingly trying to target some of the largest pillars of crypto.. and I think that’s for a reason. Everyone knows that with Binance’s downfall there’s a huge damage we hve to deal with.

I’m just wondering, why suing all of a sudden? Couldn’t it be a warning beforehand? Binance is building a company of many billions with their US business. Do you guys have any logical explanation as to why the SEC has decided to take this route?

[serveria.com]

As many of you, must have heard the news of SEC sues Binance and its CEO Changpeng Zhao. And this has a great effect on the market as around $3.7 Billion dollars has vanished in 15 minutes only from BTC and Alts Source. Currently, BTC is 5+% down and still going down because of this news has created fud among early, new, and less capital investors. People are trying to withdraw their BTC to fiat or any other stablecoin (pegged). Why? this news has made so much impact on the market and why people fall for this FUD. Or is it really a FUD? Before declaring anything or acting on anything, we should shed some light on what is happening to the market.

source

You should keep this image in your mind and then read the following.
SEC and CFTC had sued Binance and CZ so many times, and we have been reading that news and ignoring them as those were at the lower level (i think), plus CZ always comes up on Twitter with something encouraging that could avoid people stopping panicking. And he still posted on Twitter Handle that it's a FUD. But still, people are leaving the market and so much BTC has been liquidated too.

source

Main Reason Behind this downtrend
Now SEC has sued Binance and CZ they are helping US citizens to get access to their Binance (US) exchange intentionally using their BM Trading Platform (As it can be seen above the Binance US). Well, That's not something new, As a few days ago CFTC also said that, and it was also discussed before.

• Binance and founder Changpeng Zhao violated compliance rules to attract U.S. users, CFTC alleges

Climax here is, SEC has found out that, the BAM Trading platform is directly linked to the US Binance exchange. How Bam Trading platform is linked to CZ, Go through the pic again and check the connection of US Binance to CZ and how much CZ holds in shares to BAM trading. Well, in the short story, SEC and CFTC sued CZ and Binance before, that, they are not registered with us and they should be banned for US citizens but CZ always come up with some unique plans to provide access to US citizen like, before he was alleged by SEC that, he made some VPN services for high class, VIP investors and traders of Binance so that they could keep using the Binance and Binance could generate millions of dollars in just fee money.

And we know that the US does not like that another person works on their soil without paying taxes or complying with us and still making millions of dollars. Well, no wonder there must be other factors too, on which SEC wants to control and they have to follow those rules and regulations to avoid streamlined adoption of crypto, My personal view on it does not matter, because those who have access to Binance and wants to make money (or want to use Binance) will definitely use it without fear of any regulation.

Coming back to the story, So, Binance was prohibited to provide access to US citizens and hence it was providing access to them using its unregulated platform (BAM Trading). So, People could keep using the features of (buy, sell, and trade crypto, asset securities) through an unregistered trading platform that directly links back to Binance and to CZ (CEO).
They also mention in their case that, BAM Trading provided the sales of unregistered assets (BNB and BUSD) and US citizens could access the feature of Binance ("BNB Vault" and "Simple Earn") through BAM Trading Platform which is the product of CZ (that what SEC says). In the Document, they also said that BAM has raised around $200 million of dollars which directly benefits CZ and the Binance platform.

Well, i could write the whole points that has SEC alleged CZ and Binance for but this is of no good here, because everyone could read it directly. So here is the link to read it.

You should read the reply from CZ's US Binance platform to SEC.

Source

Now, How BTC is being Effected by this FUD
The answer is simple FUD and FUD, (i am not trying to accuse anyone here just stating the facts) people are exiting from the market as i mentioned above and volume is decreasing which is a bad sign. The dominance of BTC will decrease. I wonder what would have created so much panic among lower-class traders and investors who have exited the market. I think most of them are in Telegram and Discord groups and those groups sometimes share the news without confirming it, like i hear the news that CZ will leave the slot of CEO for Binance and "Teng Key" will become the new CEO. (Source). You might be wondering if that, news would have a big impact but it was shared about 8 to 10 hours ago that CZ will replace by Teng Key and some Telegram Influencer use these types of news in such scenarios which encourage investors and traders who are facing big losses, who can not think straight due to loss of big money and some of them fall prey to such news without even checking the source or background. Because we all know if you want to take action then it must be hurry because till then you could lose more and more.

Another reason is those countries like mine, whose governments have seized the use of Crypto exchanges and banned crypto all over the country, we are already living under the roof of pressure and such news will put more pressure on that roof.

Now, what will happen to the market, how down it will go? is there still room to go down or hitting $25k was the target?

First, I'd like to point out that Bitcoin is not a company and CZ is not Bitcoin's CEO. So, I'm really wondering why people are acting like this (panic selling BTC etc) as these characters and entities mentioned in this article should have no effect on Bitcoin.

[franky1]

I’m by no means someone who believes CZ has never done something wronng or anything, but am I the only one who thinks this is just another hit from US in an attempt to destroy crypto? They’re seemingly trying to target some of the largest pillars of crypto.. and I think that’s for a reason. Everyone knows that with Binance’s downfall there’s a huge damage we hve to deal with.

I’m just wondering, why suing all of a sudden? Couldn’t it be a warning beforehand? Binance is building a company of many billions with their US business. Do you guys have any logical explanation as to why the SEC has decided to take this route?

what its more about is creating rules that make it easy for US domestic institutions to jump over the barriers of entry for operating a business in crypto but making it a pain for non US companies or small scale businesses to be US approved.
this is their meaning of "US crypto friendly"

they want to set the barriers of entry so that little guys or guys not in the US, to have a bigger ordeal to be legitimate businesses in america. trying to get international companies to move their HQ into america so they can then tax the hell out of those businesses and then be in the jurisdiction for other legal compliance stuff like tax reporting on their customers.

its also why the US is stalling for as long as possible any regulatory template for a ETF. because they do not like the current line up of candidates wanting to operate an ETF. so they are hoping one of the well known top wall street institutions offer to propose to be a ETF service so they can set the barriers of entry to that level to ensure little guys and international guys cant offer ETF cheaply

[Fivestar4everMVP]

More of a reality if you ask me, binance is the largest crypto trading firm in the world in terms of volume, so there is absolutely no way such a news of them being sued by the sec, won't affect the market negatively..

But why I am particularly not very much worried about this whole thing is that, I've known bitcoin to be a very resilient asset, it will scale through this issue again like it has always done, so let's keep our fingers crossed 🤞 and hope for the best.

[DeathAngel]

Binance US accounts for less than 5% of its trades. This is just a massive FUD, the SEC are going after crypto.

Let’s remember that bitcoin isn’t listed in the supposed assets that the SEC are branding securities. This isn’t about bitcoin even if short term, it has been part of the reason we are down over 6%. This might he a temporary problem for Binance & CZ but it is not in any way terminal to bitcoin.

It’s a nothing burger, price will recover, nothing to worry about.

[Yatsan]

Well, hard to tell even if pattern is already there. If we would base from the chart in all timeframes, BTC is expected to go lower. However, the market moves unexpectedly especially if huge investors would interfere. A spike on its value could still happen all of a sudden. If ever its price could continue falling until $23.5k  it could open another possibility for a lower market value around $20.5k. For those who are planning to invest, I think it would be better to wait a little longer and to those who are holding, be patient. Once gaps are reached, recovery may happen 'coz of buyer's zone which would be a spring. For sure, long term investors are prepared for this.

[serjent05]

Binance US accounts for less than 5% of its trades. This is just a massive FUD, the SEC are going after crypto.

Let’s remember that bitcoin isn’t listed in the supposed assets that the SEC are branding securities. This isn’t about bitcoin even if short term, it has been part of the reason we are down over 6%. This might he a temporary problem for Binance & CZ but it is not in any way terminal to bitcoin.

Yeah it is FUD not for Bitcoin but for BNB.  I don't think this is the reason of Bitcoin downtrend.  If Binance is having problem because it is being sued, people who have funds on the exchange can just withdraw it and deposit on another exchange.  CZ exchange problem is its own problem and people have learned that exchanges and Bitcoin are two different things so I think this must not have a huge impact on the price of BTC.

[DaveF]

I think a lot of people have believed for a long time that Binance and CZ  were not going to be sued by the government. And now people are spooked that their scammy exchange might actually have to answer to the law. This is not to say that other exchanges are perfect or even better, just that very are not one of the better ones. Bigger yes but they have done so much shady crap over the years black even if the government didn't want to go after them or crypto exchanges in general after the FTX debacle they didn't have a choice due to what Binance and CZ are doing.

Here is a helpful tip: https://www.youtube.com/watch?v=BJF-wVW1F2o

-Dave

[DaNNy001]

I know something very strong must have happened before we could see this downline, although this might not last longer i believe after sometimes the markets will stabilized again, normally in case like this traders always think of safety aspect of it to secure their investment either by pulling out their assets to safe custodian wallet or they quickly converts to stablecoin to secure their investment. At the point of executing this action that has brought so much break down in the market, so traders are really taking precaution especially the little holders while the whales see's it as an opportunity to hold more bitcoin and any other reputable coin that they have been admiring for the price to dip before acquiring them.

Well I won't count myself as a BTC whale investor yet but like you said this is a good chance again for people  who knows the importance of a market price dip to actually buy as much you bitcoin as you can during this crucial time because like you said it won't probably last long so its actually the best time to hoard and not to panic and pull off your investment because bitcoin will certainly rise back it just boils down to the prime factor of ti me.

[AmoreJaz]

Binance US accounts for less than 5% of its trades. This is just a massive FUD, the SEC are going after crypto.

Let’s remember that bitcoin isn’t listed in the supposed assets that the SEC are branding securities. This isn’t about bitcoin even if short term, it has been part of the reason we are down over 6%. This might he a temporary problem for Binance & CZ but it is not in any way terminal to bitcoin.

Yeah it is FUD not for Bitcoin but for BNB.  I don't think this is the reason of Bitcoin downtrend.  If Binance is having problem because it is being sued, people who have funds on the exchange can just withdraw it and deposit on another exchange.  CZ exchange problem is its own problem and people have learned that exchanges and Bitcoin are two different things so I think this must not have a huge impact on the price of BTC.

that is very correct! they are separate entities and people understand this situation by now. and maybe this is the reason why Teng is said to replaced CZ with the role because of his experiences regarding regulators
Binance Hands Rising Star Teng Key Role to Replace CEO Zhao at Largest Crypto Exchange
so the up and down movement of btc may be influenced by some news surrounding crypto, because of the fud but the reality is no matter we will encounter in this market, btc will always bounce.

[Dave1]

I wouldn't say it's FUD, they have been served with the lawsuit already.

But the thing is that it just shows really how the US government is undermining everything related to crypto at this point.

The only narrative that I saw behind all of this attacks is that they are pushing for their CBDC platform, and working together with other big banks. Anyway, I think the future still looks bright for crypto. If US doesn't want it, or having a hard stance, then the exodus has started already.

[Adbitco]

I know something very strong must have happened before we could see this downline, although this might not last longer i believe after sometimes the markets will stabilized again, normally in case like this traders always think of safety aspect of it to secure their investment either by pulling out their assets to safe custodian wallet or they quickly converts to stablecoin to secure their investment. At the point of executing this action that has brought so much break down in the market, so traders are really taking precaution especially the little holders while the whales see's it as an opportunity to hold more bitcoin and any other reputable coin that they have been admiring for the price to dip before acquiring them.

Well I won't count myself as a BTC whale investor yet but like you said this is a good chance again for people  who knows the importance of a market price dip to actually buy as much you bitcoin as you can during this crucial time because like you said it won't probably last long so its actually the best time to hoard and not to panic and pull off your investment because bitcoin will certainly rise back it just boils down to the prime factor of ti me.

I gat your point but that doesn't mean that you aren't a holder, whatever volume you have is considered enough to be called and investors, just that your weren't holding enough volume. When things like this occurs people who often hold little volume quickly sells off their bitcoin and wait for the best time to buy more which they are targeting for the market to dip.

[bittraffic]

What SEC is not seeing is that Binance will fight this. Binance is richer than Ripple and can last more than a decade fighting this case but at the same time the exchange will really be moving out US.

The more it wil be harder for US to regulate crypto outside their country. SEC is looking for another victim as Ripple seem to have got away.