SEC Lawsuit Against Binance Is Likely To Hit Bitcoin Price

[bitgolden]

It is evident that SEC is after the cryptocurrency market, they are targeting tokens that raised money and now they are targeting Tier 1 cryptocurrency exchanges like Binance and Coinbase because if they are able to drag them to court and defeat them then it would be easier for them to go after smaller business entities that are handling cryptocurrencies.

Do you think SEC's lawsuit case will create more damage to the BTC price ?

Is it possible for all crypto exchange companies in the US to avoid SEC's trouble ?.

Even if there is a correction, it will be momentary. The government has to pass a new bill for cryptocurrencies.

I think it is not that they are after the crypto market as a whole, but they are after the whole "hey I am a great dude, pay me millions and I will build you a great token that will make you rich!!!" system we have in the crypto world these days. Lets be honest we have that right now, we pay strangers to build tokens that would get us rich, that's literally all we do, and that's not what is legal.

SEC has nothing against bitcoin for example, why would it? It's not a security, it's not owned by anyone, it's not built by someone that profited from it neither. But, do we really need to pay millions and millions to creators of the new ones? I fully respect and understand the logic behind attacking those ones, it makes sense, that's a very big risk.

[Synchronice]

Securities and Exchange Commission, popularly known as SEC, recently filled a lawsuit against Binance for violating federal securities laws. This made Bitcoin price declined by almost 5%, one hour after the allegation was filled as at june 5th.

As at this morning, while checking Bitcoin chart, it is currently $25.7K. The funniest part is that lots of Crypto and Non-Crypto experts had all made predictions of a pump in price.

SEC can't just stopping firing at all exchange companies they suspect fishy activities. Don't forget that Coinbase and Coinme are also victims, and there court case is still active.

Do you think SEC's lawsuit case will create more damage to the BTC price ?

Is it possible for all crypto exchange companies in the US to avoid SEC's trouble ?.




You can check further stories via New York Times -https://www.nytimes.com/2023/06/05/business/sec-binance-charges.html

To be honest, logically, any threat towards bitcoin/crypto exchanges should increase the demand and price. The first thing, someone should do in case of this kind of threat, is to convert your money in crypto and withdraw it but as it seems, people convert crypto into fiat and withdraw that, I don't understand the logic behind that.
Yesterday crypto.com suspended US institutional exchange service. The more adopted cryptocurrencies become, the bigger problems arise. If we continue so problematically, I don't think we will see bull run after next halving.

[fuguebtc]

Do you think SEC's lawsuit case will create more damage to the BTC price ?

Is it possible for all crypto exchange companies in the US to avoid SEC's trouble ?.

It all depends on the outcome of this battle, if the SEC wins with Binance and Coinbase, the rest of the exchanges will be their next victims, and even the entire crypto industry will fall victim to the SEC. So far, the SEC hasn't taken any action on bitcoin as they don't know where to start since bitcoin is decentralized. But I think once they crack down on the top exchanges, followed by the crypto industry, bitcoin will definitely suffer.
Many people do not care and do not support this case, but we need to note one thing. Binance and Coinbase or other exchanges are holding a sizable amount of bitcoin, though not all. So there will be big impacts if the SEC wins.

[Nrcewker]

Any bad news does hamper the price of the coin. We have already see what serious damage FTX has done when all the coins were hacked from the exchange. So yes negative news from popular crypto bands to affect the price. If there is severe action taken be the federal bureau, then there is chances that Bitcoins will fall more. So yes we have to be prepared mentally for each and everything. Moreover as the price is down, without wasting anytime we should accumulate as many Bitcoins as we can in this low price. Work smart and use this low price opportunity.

[AbuBhakar]

Any bad news does hamper the price of the coin. We have already see what serious damage FTX has done when all the coins were hacked from the exchange. So yes negative news from popular crypto bands to affect the price. If there is severe action taken be the federal bureau, then there is chances that Bitcoins will fall more. So yes we have to be prepared mentally for each and everything. Moreover as the price is down, without wasting anytime we should accumulate as many Bitcoins as we can in this low price. Work smart and use this low price opportunity.

Yeah, It’s very hard to ignore those bad news since people will definitely secure their funds rather than stay loyal on holding. I’m surprised how Binance still holding until but I believe their investors is just waiting for each other to make a move first and the price action will be more massive than their current condition once whale started to withdraw their funds out of the exchange or any Binance tokens.

This is good news for long term investors because we can accumulate more on low price before halving but the effect will might be long term if this issue turns out US banning altcoins.

[Desscount]

The impact was indeed very extraordinary because indeed many withdrew from the two exchanges,
whether selling their assets in the form of stable coins or withdrawing their assets in the form of crypto assets,
but from the altcoin and Bitcoin dumps it was clear that selling pressure on exchanges was very high than usual .

[bestcoins1]

The impact was indeed very extraordinary because indeed many withdrew from the two exchanges,
whether selling their assets in the form of stable coins or withdrawing their assets in the form of crypto assets,
but from the altcoin and Bitcoin dumps it was clear that selling pressure on exchanges was very high than usual .

There are indeed causes for the problems being faced by the two major exchanges at the moment, but judging from the level of selling pressure that is currently in the market, of course altcoins will always be affected by the dumping of Bitcoin which may have something to do with withdrawing a number of assets from the rich and also selling in large quantities by big investors so altcoins also seem to suffer because they very often follow the market cycles of Bitcoin movements.

[dragonvslinux]

Today we are seeing a rise in both Bitcoin and Ethereum's market dominance with the current shitcoin sell-off, which is a healthy change imo.

Bare in mind some of the most popular shitcoins are currently down -25% while BTC/ETH are down around -3-5%, which isn't very significant given recent price action. Overall a lot of shitcoins have looked bearish for a long-time now, so this is merely the catalyst to fall lower as was always expected as the most likely outcome, whereas Bitcoin still looks relatively bullish with support below.

Eventually once Bitcoin reaches between $23K and $25K I think it will reverse back to the upside, confirming previous resistance as new support. Meanwhile, with the SEC continuing to go after altcoins, they will likely fall lower. It's long overdue that Bitcoin's market dominance rises back to the upside, so again this looks like a realistic catalyst for that to now occur.

[savetheFORUM]

To be honest, logically, any threat towards bitcoin/crypto exchanges should increase the demand and price. The first thing, someone should do in case of this kind of threat, is to convert your money in crypto and withdraw it but as it seems, people convert crypto into fiat and withdraw that, I don't understand the logic behind that.
Yesterday crypto.com suspended US institutional exchange service. The more adopted cryptocurrencies become, the bigger problems arise. If we continue so problematically, I don't think we will see bull run after next halving.

Well, the bull run can obviously be delayed or postponed if there is too much FUD and panic selling in the market, we all know how bad panic selling can be for the market, and when there is such bad news and allegations and cases going on the biggest cryptocurrency exchange of the world, there will surely be consequences of that. Whether we like it or not, it will affect the market very badly if things don't settle down soon.

It might be a loss for US citizens in the long run since all the exchanges and services related to cryptocurrencies will withdraw from the country and they will be left with no options for involvement with cryptocurrencies which is evidently the future, but for now, it will be bad for the market.

[Weawant]

Do you think SEC's lawsuit case will create more damage to the BTC price ?

Is it possible for all crypto exchange companies in the US to avoid SEC's trouble ?.

The security and exchange commission mightn't stop attacking cryptocurency centralized exchange but they won't have much impact on the market as this current lawsuit did. Binance and Coinbase exchange are giant in the market that's why they're having impact.

Centralized exchange in the US should stop offering service to security and they won't have any problem with the US security and exchange commission. It's because of the security that they're trading on their exchange that brought about the lawsuit they're facing now.

The lawsuit mightn't have more impact on the price of Bitcoin as it's already recovering, altcoins are the ones that'll surfer the most because the last time I checked the market, alts are already losing percentage in huge figures and this might continue in the coming days.

[khiholangkang]

Any bad news does hamper the price of the coin. We have already see what serious damage FTX has done when all the coins were hacked from the exchange. So yes negative news from popular crypto bands to affect the price. If there is severe action taken be the federal bureau, then there is chances that Bitcoins will fall more. So yes we have to be prepared mentally for each and everything. Moreover as the price is down, without wasting anytime we should accumulate as many Bitcoins as we can in this low price. Work smart and use this low price opportunity.

To be honest we should be aware of the valuations that exist on centralized exchanges, it is quite a large contribution to the price movement in bitcoin especially for all coins on the market, the worst news we have ever experienced was the FTX bankruptcy, and indeed if the policy bureau of the Federal Reserve is fighting crypto it has a pretty good impact on the price on the market. What the SEC is doing has a very impact on the mentality of a bitcoin holder, but those who see that this is an opportunity to collect bitcoin at low prices are very smart people to take the decision to continue to accumulate bitcoins, what happened today is quite rare which is indeed an opportunity for us to take some bitcoins, for further Bitcoin ATH capital.

[TravelMug]

Today we are seeing a rise in both Bitcoin and Ethereum's market dominance with the current shitcoin sell-off, which is a healthy change imo.

Bare in mind some of the most popular shitcoins are currently down -25% while BTC/ETH are down around -3-5%, which isn't very significant given recent price action. Overall a lot of shitcoins have looked bearish for a long-time now, so this is merely the catalyst to fall lower as was always expected as the most likely outcome, whereas Bitcoin still looks relatively bullish with support below.

Eventually once Bitcoin reaches between $23K and $25K I think it will reverse back to the upside, confirming previous resistance as new support. Meanwhile, with the SEC continuing to go after altcoins, they will likely fall lower. It's long overdue that Bitcoin's market dominance rises back to the upside, so again this looks like a realistic catalyst for that to now occur.

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.

[rhomelmabini]

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

[goldkingcoiner]

It is evident that SEC is after the cryptocurrency market, they are targeting tokens that raised money and now they are targeting Tier 1 cryptocurrency exchanges like Binance and Coinbase because if they are able to drag them to court and defeat them then it would be easier for them to go after smaller business entities that are handling cryptocurrencies.

Do you think SEC's lawsuit case will create more damage to the BTC price ?

Is it possible for all crypto exchange companies in the US to avoid SEC's trouble ?.

Even if there is a correction, it will be momentary. The government has to pass a new bill for cryptocurrencies.

I think it is not that they are after the crypto market as a whole, but they are after the whole "hey I am a great dude, pay me millions and I will build you a great token that will make you rich!!!" system we have in the crypto world these days. Lets be honest we have that right now, we pay strangers to build tokens that would get us rich, that's literally all we do, and that's not what is legal.

SEC has nothing against bitcoin for example, why would it? It's not a security, it's not owned by anyone, it's not built by someone that profited from it neither. But, do we really need to pay millions and millions to creators of the new ones? I fully respect and understand the logic behind attacking those ones, it makes sense, that's a very big risk.

Of course SEC has nothing against Bitcoin, but they are definitely trying their best to find a reason to go against it. It's what regulators do. But they will fail either way.

The biggest problem that I see with this lawsuit is that Binance is deeply intertwined with Bitcoins speculative value. So if Binance takes a hit, Bitcoin price too takes a hit.

The whales of course are only happy to add FUD and Fomo into the whole mess, so they can buy cheap Bitcoin from the panic sellers.

It's always been like this. Just hold and don't panic.

[Wiwo]

Will the Sec war vs binance have an effect on the value of Bitcoin and other assets,  the answer is yes but its effect will be short-term effect and not long from now the price will recover and those who chose to hold for a long will be in gain by then,  and as a matter of fact,  speculating the price of bitcoin at this crisis period is a kind of risky because it unclear where the price is heading to in the next minutes.

But the grips of the sec lawsuit won't hold us down for long and as a matter of fact, the bitcoin bitcoin is already showing some recovery signs already and that goes along to point to the weakness of the fund at the moment.

[Alpha Marine]

Do you think SEC's lawsuit case will create more damage to the BTC price?

The lawsuit will affect the Bitcoin price but it won't cause much damage. One of the reasons for this is that SEC is suing Binance.US and its CEO. America is a big market but it's not the only place that Binance does business.
Things seem to be going well for Binance in court anyway. SEC made a motion to the court to freeze Binance's assets to protect billions of U.S. citizens' assets. The motion was denied because according to Binance, if their assets are frozen, they won't have resources to run their business while on trial and that will mean putting them out of business before even going to court.

Is it possible for all crypto exchange companies in the US to avoid SEC's trouble?

I don't think this is possible. I do not know the technicalities of these rules and regulations but it's very difficult to do business as a crypto exchange in the U.S. in a way the SEC won't come knocking, especially as a big exchange. Most times I feel they are just trying to shake the tree and see what falls. They're just doing their job.

[Slow death]

something unbelievable that I've seen until today and that I thought it was over and this thing of people in the cryptocurrency market are always victimizing themselves thinking that whenever regulators are doing their job it's because they don't like cryptocurrencies and are chasing cryptocurrencies to destroy cryptocurrencies, when in fact and deep down they know that this is not true. regulators are there to supervise and make people comply with the laws, all exchanges know that each country has laws, so it is the duty of exchanges to have a legal department that gives them advice on how to proceed

to avoid having problems with governments, when exchanges comply with all laws then they will not have problems, this is simple in theory, but what has been seen is that in practice exchanges do not have a legal department, and that is why they operate breaking the laws after the regulators sue them, then a big problem starts that affects the whole market and for the exchange they have a clean image they keep using arguments that it is the regulators who are acting badly against the exchange and that the exchange is innocent, but well in the people know deep down that something is wrong and that's why the price starts to drop a lot, because people don't believe or trust what the exchange is saying

[gunhell16]

Securities and Exchange Commission, popularly known as SEC, recently filled a lawsuit against Binance for violating federal securities laws. This made Bitcoin price declined by almost 5%, one hour after the allegation was filled as at june 5th.

As at this morning, while checking Bitcoin chart, it is currently $25.7K. The funniest part is that lots of Crypto and Non-Crypto experts had all made predictions of a pump in price.

SEC can't just stopping firing at all exchange companies they suspect fishy activities. Don't forget that Coinbase and Coinme are also victims, and there court case is still active.

Do you think SEC's lawsuit case will create more damage to the BTC price ?

Is it possible for all crypto exchange companies in the US to avoid SEC's trouble ?.




You can check further stories via New York Times -https://www.nytimes.com/2023/06/05/business/sec-binance-charges.html

I simply observed the SEC of the US why they are doing things to attack the well-known crypto exchanges in this industry. Primarily to confuse investors and traders. I just noticed this yesterday in addition to the harassment they do with cryptocurrency exchanges.

They will say it is paused first but then they will raise interest again, but the truth is that their target is to reduce inflation by 3-4%. Or they may raise nothing more depending on them because they really just want to manipulate what is happening in the market. But anyway, the best solution for the crypto exchanges it is for Binance and Coinbase to move to a country where crypto or bitcoin is welcome here.

[Fatunad]

It is evident that SEC is after the cryptocurrency market, they are targeting tokens that raised money and now they are targeting Tier 1 cryptocurrency exchanges like Binance and Coinbase because if they are able to drag them to court and defeat them then it would be easier for them to go after smaller business entities that are handling cryptocurrencies.

Do you think SEC's lawsuit case will create more damage to the BTC price ?

Is it possible for all crypto exchange companies in the US to avoid SEC's trouble ?.

Even if there is a correction, it will be momentary. The government has to pass a new bill for cryptocurrencies.

I think it is not that they are after the crypto market as a whole, but they are after the whole "hey I am a great dude, pay me millions and I will build you a great token that will make you rich!!!" system we have in the crypto world these days. Lets be honest we have that right now, we pay strangers to build tokens that would get us rich, that's literally all we do, and that's not what is legal.

SEC has nothing against bitcoin for example, why would it? It's not a security, it's not owned by anyone, it's not built by someone that profited from it neither. But, do we really need to pay millions and millions to creators of the new ones? I fully respect and understand the logic behind attacking those ones, it makes sense, that's a very big risk.

Of course SEC has nothing against Bitcoin, but they are definitely trying their best to find a reason to go against it. It's what regulators do. But they will fail either way.

The biggest problem that I see with this lawsuit is that Binance is deeply intertwined with Bitcoins speculative value. So if Binance takes a hit, Bitcoin price too takes a hit.

The whales of course are only happy to add FUD and Fomo into the whole mess, so they can buy cheap Bitcoin from the panic sellers.

It's always been like this. Just hold and don't panic.

Nothing surprising on which these government sectors would really love on engaging into something which would they do see on having the chance on altering out the current trend specially if this one is really that correlated with bitcoin or crypto as a whole. It wont really be shocking these government agencies would really love on stirring up on this market on which it could really potentially make out some effects here on the market but not really that something that you could really be boggled because no matter how bad the market would really be going down, there's always that recovery on which the price would be starting out to climb up. Manipulative kind of approach or target? Possible but we cant really be able to make out some conclusions because we know that government would really be always having the time and the power
on doing so and there's nothing we can do about it. The important thing on here is that Bitcoin do able to sustain it out despite of these conditions or situations.

[suzanne5223]

Do you think SEC's lawsuit case will create more damage to the BTC price ?

There's no US SEC lawsuit on Binance and the other big cryptocurrency exchange won't affect the Bitcoin market price but they are doing their job in a selfish way that is why Mark Cuban said "They are throwing crypto startups under the bus" because the market is currently in the panic caused by the Ordinal Inscriptions.

Is it possible for all crypto exchange companies in the US to avoid SEC's trouble ?.

Yes, but the only way is to register with the appropriate firm and follow the rules and regulations of the US SEC. Their rules seem to be complicated if not most of the CEX won't have a problem with them.