SEC Lawsuit Against Binance Is Likely To Hit Bitcoin Price

[YUriy1991]

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

Not quite true, that If I look at the perspective you are expressing suggests that the SEC lawsuit against Binance could have a negative impact on the price of Bitcoin and raises questions about the potential ramifications for other crypto exchange companies.

In fact, judging from market dynamics, investor sentiment and market resilience, the cryptocurrency market has shown resilience in the face of regulatory actions and negative news in the past. Yes. While the SEC lawsuit against Binance may initially lead to a drop in the price of Bitcoin, it is important to recognize that market reactions can be temporary and depend on a variety of factors. As far as I know the price of Bitcoin and other cryptocurrencies is affected by many factors beyond individual lawsuits or regulatory actions including investor sentiment, market trends, macroeconomic conditions and global events. While regulatory measures can have short-term effects.

On the other hand, the global nature of the cryptocurrency market allows investors to diversify their holdings across various exchanges and jurisdictions. While the SEC's jurisdiction primarily covers the United States, many cryptocurrency exchanges operate outside the United States and may be less vulnerable to the direct impact of SEC actions. Investors can explore opportunities on global exchanges, potentially reducing the concentration of risk associated with a single regulatory body.

For today's market, if you look at it. In the short term, if the Bitcoin price stays above the $24,800 level, there is likely to be a bearish retest to the May low of 25.7K. These retests can cause a bit of a headache for traders who short-term beforehand, resulting in price pressure that makes them feel the loss before the next downward price move.

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

The regulatory landscape surrounding cryptocurrencies is evolving, and exchanges are increasingly taking steps to ensure compliance with relevant regulations. If there is action there is bound to be a backlash and it is acknowledged that regulatory actions may create short-term disruption but they may also contribute to the maturation and legitimacy of the industry in the long term where As exchanges adapt and implement strong compliance measures they may be in a better position both to mitigate regulatory risks and avoid significant damage to the cryptocurrency market as a whole. If there is a crypto exchange company platform when it is confirmed and avoided, it is very easy for the SEC to read where it is going. This is just an example from me because it's not without reason, they work protected by law and the state.

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[TravelMug]

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.

[jaberwock]

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.

Considering it's barely at 25k today and not really looking great overall seems like there is a bit of dangerous act in play for the time being. I believe that even though Binance news is not a big news, and even though it could be manipulation, that doesn't change the fact that it did impact the price a lot.

This is why we should be seeing something different, we should be seeing it do a lot better, and I hope that it would be a lot better in the future as well. I know that people are not going to change anything too much to avoid whenever manipulation happens, people act like it's obvious but then the price goes down which means that even if whales obviously play with the market, they get away with it because there are too many of us who fall for it.

[cryptomaniac_xxx]

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.

Considering it's barely at 25k today and not really looking great overall seems like there is a bit of dangerous act in play for the time being. I believe that even though Binance news is not a big news, and even though it could be manipulation, that doesn't change the fact that it did impact the price a lot.

This is why we should be seeing something different, we should be seeing it do a lot better, and I hope that it would be a lot better in the future as well. I know that people are not going to change anything too much to avoid whenever manipulation happens, people act like it's obvious but then the price goes down which means that even if whales obviously play with the market, they get away with it because there are too many of us who fall for it.

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.

[ShowOff]

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.

[Jating]

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.

[el kaka22]

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.

[erep]

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.

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.

[Wind_FURY]

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.

[fzkto]

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.

[taufik123]

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.

[Wind_FURY]

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.

 

[Baofeng]

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.

 

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.

[pooya87]

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.

[STT]

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.

[Jating]

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.

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.

[BenCodie]

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.

[Wind_FURY]

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.

 

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.

[TravelMug]

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.

- 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.

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.

[BenCodie]

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.

- 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.

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.