Another Fud in the market and bitcoin volatility

[UmerIdrees]

Well, i just read this US Government Considering Fraud Charges Against Binance and the market has started to dump again after we saw the recovery last night.

It's strange the we get some bullish news and market pumps and on every bearish news, the dump is expected.



It will be interesting to see the reply of CEO of Binance on this, and any positive statement will again pump the market.

The purpose to write all this is not to get influenced by these news, do not sell your coins in a panic and find such events to accumulate more bitcoin, bitcoin will recover faster than we can imagine.

[mk4]

Not sure myself if CZ is actually doing something shady with Binance, but isn't this pretty much 2023's version of the China ban — whereas the news sites make it seem like China is actually banning Bitcoin like every two week? Lol.

[Nwada001]

The news still seems to be unofficial, as both sides have not announced their involvement in it. Either the news could be false, or it could also be true.

The Department of Justice has declined to comment on the charges to this point, as has Binance.

 

So for the main time, let's focus on other things. The up and down price of Bitcoin is what actually makes it Bitcoin; we can't expect the price to remain stagnant at a certain point. This kind of drama and attack are just happening to slow down how fast the price of Bitcoin could have possibly moved and the level it could have achieved by now or before the end of the year, considering the halving event that is fast approaching.
 

[Baofeng]

Very interesting though to see the DOJ doesn't want to see a FTX similar events that will collapse the market again and there are murmurs that they will just fine Binance, or maybe settled it out of court.

And perhaps this is the reason why we might not see a comment from both parties. Anyways, let see how it goes. As the price might go below $29k again.

[Volgastallion]

Not sure myself if CZ is actually doing something shady with Binance, but isn't this pretty much 2023's version of the China ban — whereas the news sites make it seem like China is actually banning Bitcoin like every two week? Lol.

The problem with that its, every sibgle player on the market its always making some "shady" but not illegal things. For examples its clear some of them always have inside information, wich in part its prohibited and its illegal, but that its not how the worlds work.

Manipulation of market can be always put in the table by being a big player, but maybe you only make a promo or a business things, but you are so big in the market then your movement makes all the market tremble.

For example Elon musk being a single person its always pointed to do that by only twiting, and its true but at the same time he is only making busines or giving his point of view.

Its a very tricky situation. I dont know if i be clear in my explanation i hope so.

[Husires]

Well, i just read this US Government Considering Fraud Charges Against Binance and the market has started to dump again after we saw the recovery last night.

The movement from $28,000 to a price close to $30,000 is not some bullish news and market pumps. It is a natural movement for the price. We cannot say that the price rose unless the rise was above $38,000. All prices below that are a price move that has continued in The same movement since the moment of breaking $28,000.

I clicked on the link and found:

Semafor reports the potential charges while noting that prosecutors are currently, “considering other options such as fines or deferred non-prosecution agreements,” according to sources. This outcome would be a beneficial compromise, holding Binance to account for fraudulent behavior while protecting consumers.

It is nothing but rumors and there are compromises so as of now there is no reason for fraud accusations against Binance and Binance is complying with the regulations.

[tjtonmoy]

Not sure what they are trying to achieve from this. But these negative news is affecting the market like crazy these days. We see many news like this before every halving. Is it a part of that? But as the market works, one's loss is another one's profit. Is it fabricated or the truth? Maybe we will know it soon enough. But if you are emotionally stable and know how to hodl, you are all good. Things like this will happen again and again, but that doesn't change the fate of Bitcoin. It will continue to grow. Slowly but surely. So those of us who are hodling, we have nothing to worry. Take a nap till the bulls are back.

I know I sound selfish. But those who are getting panicked, they don't belong in here. Try to learn emotion control first and see the history. If that doesn't make you hodl, then you are good with sell. Just leave the market. You are weak.

[Aanuoluwatofunmi]

Why is there much concentration on Binance when bitcoin is not dependent on exchanges to hold their coins, everyone can have his personally customized bitcoin wallet and have full control over it, no amount of incident or decision made against exchanges that will shift the market because there are many exchanges that will remain unaffected when one is, moreso, most of the bitcoiners that are whales can't make use of exchanges for holding their assets, most users of these exchanges are traders, if bitcoin is down today, only it's user will be affected and nothing more.

[taufik123]

Why is there much concentration on Binance when bitcoin is not dependent on exchanges to hold their coins, everyone can have his personally customized bitcoin wallet and have full control over it, no amount of incident or decision made against exchanges that will shift the market because there are many exchanges that will remain unaffected when one is, moreso, most of the bitcoiners that are whales can't make use of exchanges for holding their assets, most users of these exchanges are traders, if bitcoin is down today, only it's user will be affected and nothing more.

Bitcoin is obviously not dependent on Binance, but CEX users need Binance to trade on their investments.
Binance is the current CEX Tier 1 and will greatly affect the crypto market when there is FUD aimed at Binance.

See how the impact of Binance.US's feud with the SEC, caused a lot of polemics that made the crypto market decline.

Everyone can have their own personal wallet, but for trading, they generally use Binance and some other CEXs.
Using DEX is also possible, but it is also vulnerable and you have to be careful of fake DEX managed by scammers.

FUD will create panic in crypto users, and this will affect the crypto market so avoiding FUD would be better, and do not participate to spread if the news is not valid.

[The Cryptovator]

Binance is facing successive attacks from the US, but instead of resorting to drama, the US should take concrete steps if they want to ban it. Dramatic actions and attacks are detrimental to the entire crypto market. A more reasonable approach would be for the US to suspend Binance operations solely for US citizens, as attempting to destroy the entire crypto market or globally ban Binance may not be feasible. Moreover, some countries like the UAE and Japan are welcoming Binance, so there's no need to panic over such news.

[Wiwo]

We can't really say that the news whether be it legit or fake/unconfirmed have any significant impact on the price of Bitcoin at the moment since Bitcoin has always exhibited this tendency of dropping in price and that is something that we shouldn't hastily ascribe to a single event to an exchange.

Binance vs US Sec fuds have been around for a while now and to a significant level it impact have already been felt long ago and Bitcoin have recovered from that just like the china ban all all the other fuds and attacks that have graced Bitcoin and its services for such a while now.

[Z-tight]

Why is there much concentration on Binance when bitcoin is not dependent on exchanges to hold their coins, everyone can have his personally customized bitcoin wallet and have full control over it, no amount of incident or decision made against exchanges that will shift the market because there are many exchanges that will remain unaffected when one is,

There are too many people that trade and hold BTC on Binance, so if there is a bad news about Binance you will expect many people to sell their BTC's fast because they are uncertain of what is going to happen, and let's say Binance collapses, many people are going to lose their BTC's because they hold BTC on Binance, events like this must affect the price of BTC, even if you have your coins in your self custody wallet, they will be worth less if something like this happens, though you won't lose it because you control the keys.

The sec and the U.S government have been targeting Binance.u.s for sometime now, i don't know for how long Binance may be able to continue to operate in the U.S, it may not be for so long from now.

[Frankolala]

There must be news for the price of bitcoin to pump or dump. US shouldn't take things easy and stop fronting as if they can pull the crypto market down with the issues that they are having with Binance and settle it maturely,instead of coming up with allegations on Binance.

Just like what @Cryptovator said,if they don't want their citizens to use crypto then let the come out plain and ban Binance US,i instead of trying to draw Binance to the ground. Anyway the price of bitcoin won't be affect that much, it will only be for a short time and I am not bothered about bitcoin price presently since am looking forward to 2025.

[jossiel]

FUD or not.

It's always been like this that Binance has been hot in the eyes of the US government. So any branch of the US government that tackles with them, expect that it's gonna make the market move again.

I'm not sure if these are intentionals or they've got some proof with these actions and CZ is actually nasty things in the market. I'm wondering and waiting to see if there will be another batch of proofs.

[AmoreJaz]

FUD or not.

It's always been like this that Binance has been hot in the eyes of the US government. So any branch of the US government that tackles with them, expect that it's gonna make the market move again.

I'm not sure if these are intentionals or they've got some proof with these actions and CZ is actually nasty things in the market. I'm wondering and waiting to see if there will be another batch of proofs.

i don't think CZ and the team are just sitting on this potential problem. for sure, they already know how to tackle such issues. they know, they have been a subject of scrutiny for so long already. so high likely that his legal team already did what should be done to face possible legal actions.
they have their own resources, so for me, there should be no problem addressing their potential issues with the authorities. but i don't think CZ will just let the government shutdown his business without a battle.

[Hamza2424]

Haha, Fud or what I don't know but the point is currently Black Rock and SEC may collab with each other haha it's my view and a fan theory in that the SEC is going to approve the BTC ETF, and in the combined power they are going to take over the huge capital of market in this way they can directly hit Binance.

Why Binance because Binance is the Altcoin king so the SEC and Blackrock are going to push Bitcoin and more possibly ETH to directly hit the Altcoins market and trap Binance into a Hard time where their actual motive is to have greater control over the market

[serjent05]

Isn't Binance on the hot seat for some time now?  Ever since the collapse of FTX, Binance had been the focus of the US SEC filing different lawsuits against them.  I do not think that this dump is caused by the news since the issue had been going on for months.  It is possible that someone short their trade the moment they see a little profit from the rebound.

I also agree that we should stay vigilant and don't just lose hope like those weak hands and sell our holdings.  We all know that halving is just around the corner and sooner or later the market may possibly transition to bull market and selling our Bitcoin today will only make us miss out on the possible bigger profit.

[darkangel11]

It's strange the we get some bullish news and market pumps and on every bearish news, the dump is expected.

Nothing new, just the way this works. Bitcoin is highly illiquid with just a fraction of the supply being traded and deciding the price for all the rest. We've seen a huge outflow from exchanges as people are holding and everybody is waiting for the halving and ETF rulings, so there's not much buying going on. Those who wanted to buy already did that sub 20k and those who are lagging want to see signs of a bull market...

I don't get the complaining about the volatility. If you're a trader you should love it and holders don't care about that as they don't react to 5% ups and downs that happen every month. What we holders care about is 100% up. That's where we wake up and start thinking what we're going to do in this coming bull market.

[panganib999]

Not sure myself if CZ is actually doing something shady with Binance, but isn't this pretty much 2023's version of the China ban — whereas the news sites make it seem like China is actually banning Bitcoin like every two week? Lol.

He's been found doing shady stuff in the past at least with Binance USA. Not shady as in FTX bullshit type but he's been made aware of the fact that he's allowing altcoins that are not accepted by the SEC to operate and be traded within his platform. That's about it I guess. I don't think this counts as a fraud charge especially since there's no actually fraudulent activity going on, and I can't be bothered reading the article cause as you said it's just them reheating the same shit that China said so they can put fuel to the fire. If push comes to shove and cryptocurrencies pull out from the US I don't think it's going to cause massive long-lasting effects to the state of the market, it's not like they're the biggest adopters of cryptocurrency anyway. 

[Quidat]

Well, i just read this US Government Considering Fraud Charges Against Binance and the market has started to dump again after we saw the recovery last night.

It's strange the we get some bullish news and market pumps and on every bearish news, the dump is expected.

---

It will be interesting to see the reply of CEO of Binance on this, and any positive statement will again pump the market.

The purpose to write all this is not to get influenced by these news, do not sell your coins in a panic and find such events to accumulate more bitcoin, bitcoin will recover faster than we can imagine.

FUDS and negative news arent something that new in this market neither on crypto or into those traditional markets on which these kind of fundamentals could neither give out effect or not but since we
are speaking about Binance which turns out to be the most known and commonly used or popular exchange platform that we do have on crypto space then on every thing that it would really be getting involved would definitely making out some effect and now that charges that been announced then what would you expect? Community or investors would really be having that sell off and we did really
able to see since the price hits up again on 29k but didnt really go that below which does mean that there's a strong support that who would really be that willing on buying with those low levels on which
it would really be just that normal because they do believe that the market wont really be going that low because of these news. Also, its not something new about these kind of sudden negative  news
where government do really loves on stirring things up and trying out to make some shake off on this market but eventually ending up on getting ignored.