SEC lawsuit caused massive market crash

[bluebit25]

SEC lawsuit caused massive market crash

It's not that the collapse simply looks at it as a bad period for the rich, and it becomes more difficult to make profitable investments, looking at the overall state of the market, I don't think it will end anytime soon. . And this is not the first time that the SEC has taken action against crypto companies, to me it simply looks like a lot of events have taken place, maybe like a sell-off going on, but in terms of Positively, this should also be viewed as an opportunity to accumulate more different cryptos.

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[LogitechMouse]

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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?

The whole company has been thru a lot of problems already regarding different institutions in the past years, and this is just one of the problems that they will be facing now, and in the future.

Though I'm very optimistic that they can overcome this one, there is this kind of thinking in the back of my mind where I'm thinking "What if they will shut down because of this?". What will happen to them? What will happen to many Binance users, and knowing that they are the most popular Centralized exchange currently, for sure that the effect of this one will be much greater than that of FTX.

I guess the best thing to do right now is to "DO NOTHING". BNB is down, market is down. If you have spare money to buy then I guess you can buy coins right now, but if not then it's better to be patient, maybe don't look at the news for a moment, and relax yourself. As for me, this will be just another negative news that's happening in the crypto space on a weekly to monthly basis. I've seen many of these already, and yes the market is affected in different ways, but in the end, it will just go up like what always happen.

[Yogee]

[....]
I think it's more a speculative move ,especially many altcoins dump is huge,

There may be some who speculated but it's not as simple as that. What would you do if you are from the US and the exchanges says you can no longer trade your altcoins after a certain date since it's been flagged as a security? It's only natural that you would also sell them all before it's delisted and then convert it to other crypto not considered as security like BTC or ETH.

[Reatim]

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?

Binance team will not give that easy and surely if things go wrong then settlement will takes place as they are one of the biggest business in crypto world and will not let things end like that.
what we need to seek is their action in the coming days as things gets worrying nowadays.
but for sure this will never come to closure of Binance exchange or dying of Binance coin .

[adaseb]

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.

[Freddie Boyer]

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?

The future of any cryptocurrency, including Binance Coin (BNB), is influenced by many factors. I too as a user also remain cautious and informed because I think Cryptocurrencies remain a dynamic and evolving space, and their long-term impact will be shaped by a variety of factors, including regulatory developments and market dynamics. I'm sure everything will be resolved, usually if there is action there will be a reaction.

[Argoo]

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

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

[woez]

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.

[LbtalkL]

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

[Wexnident]

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.

[BaeSuzy]

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.

[Xal0lex]

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.

[danherbias07]

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.

[Kemarit]

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?

[Ultegra134]

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.

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.

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.

[Coinworld.story]

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.

[kesmex]

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.

[riskarcher]

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

[bittraffic]

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.

[flyingcarpet]

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.