BIG FUD playing with Binance will this push price up or down?

22.11.2023

Dear traders,

Binance need to pay 4 billion $ and CZ going in jail what is very bearish but market still holding strong and 1 billion $ is printed in USDT.

Jake
TOP Trader

BTC dropped under $37k after bearish news but is now pushing up to break the old resistance. However, there is still a risk of a more substantial push down, and significant consolidation is ongoing.

ETH is pushing from a strong resistance and retesting $2000 as support. It remains at risk of a larger drop if the $2000 support doesn’t hold firmly.

XRP is losing momentum and retracing below the $0.62 channel. It requires a substantial push with increased buying volume to propel the price upward. Nonetheless, $0.62 presents formidable resistance, and a breakthrough above it will signal a bullish continuation.

LINK is testing the $14 support and must maintain it for a bullish continuation. A significant, robust push is still required to overcome strong resistance.

SOL has broken under the $57 support, and it could quickly drop to the $47 support if sell pressure continues.

EOS has broken above the $0.7 resistance and is now poised for a more substantial push, targeting $0.79, contingent on its ability to maintain within the $0.7 trading zone.

LTC has broken through a robust resistance at $70 and is now poised for a more significant upward price movement, signaling a return to a bullish channel.

The DXY dollar push from 103.5 support and now need to push strongly up.

Crypto/stock daily news:

TROUBLE FOR BINANCE AND KRAKEN

Yesterday was a challenging day for crypto exchanges…

The largest exchange is currently facing a $4 billion settlement with the U.S. Department of Justice.

Meanwhile, the 10th largest exchange is being sued by the U.S. Securities and Exchange Commission (SEC).

…and it’s only Tuesday. Here’s a recap of everything that unfolded yesterday, all in under 2 minutes:

1/ BINANCE IS NEGOTIATING A SETTLEMENT WITH THE DOJ. According to a Bloomberg report, Binance is in negotiations to settle a criminal case with the Department of Justice (DOJ).

The crypto exchange is under investigation for alleged money laundering, bank fraud, and violations of sanctions.

Negotiations include:

A $4B fine.

Possible criminal charges for Changpeng Zhao, the CEO of Binance.

Allowing Binance to continue operations with a monitoring provision to ensure it stays compliant.

Making everyone subscribe to GT protocol BLOG.* (not officially part of negotiations, but we’ve submitted the idea for consideration).

The best part: Crypto avoids the big Black Swan event everyone’s been afraid of – Binance collapsing. *phew*

What’s next? According to the report, an announcement regarding a potential settlement could be made by the end of the month.

2/ KRAKEN GOT SUED BY THE SEC. Kraken, the crypto exchange, faced legal action from regulators back in February for failing to register the offer and sale of its staking-as-a-service program.

The initial case was settled, with Kraken paying $30 million, and the staking program being shut down.

Now, the SEC is back for Round 2. This time, the regulators are alleging that Kraken:

Operated using risky business practices. The SEC asserts that Kraken’s business practices, internal controls, and record-keeping presented investors with additional risks “that would also be prohibited for any properly registered securities intermediary.”
Commingled customer funds. The SEC claims, “Kraken has at times paid operational expenses directly from bank accounts that hold customer cash.”
Failed to properly register as an exchange. The regulatory agency claims that Kraken operated not only as an unregistered exchange but also as an unregistered broker, dealer, and clearing agency.

In the lawsuit, the SEC also named 16 popular cryptocurrencies as securities. Some of the tokens include SOL, MATIC, FLOW, ATOM, ALGO, ADA, NEAR, SAND, MANA, and more.

So, what’s next? Kraken says the SECs claims are baseless and “plans to vigorously” fight them.

In other words…*clears throat*…LET’S GET READY TO RUMBLEEEEE!”

Here’s how the crypto community is reacting to yesterday’s news:

FAST NEWS:

Harpie seamlessly protects crypto investors from hacks and exploits. Integrated directly into your wallet, Harpie warns users about malicious transactions and, in some cases, has even been able to recover stolen funds. Check out our review of their platform!

The BONK memecoin has seen a remarkable 1,700% increase over the last month. BONK is Solana’s version of a ‘dog-themed’ memecoin, akin to what Dogecoin and Shiba Inu are to Ethereum.

Santander Private Banking International introduces crypto trading for clients in Switzerland. High-net-worth clients with Swiss accounts can now buy, sell, and hold BTC and ETH through the bank.

Tether has frozen $225 million in USDT following an investigation by the U.S. Department of Justice (DOJ). This marks the largest-ever freeze for a stablecoin.

Bullish crypto exchange has acquired CoinDesk in an all-cash deal. Bullish is led by Tom Farley, the former President of the New York Stock Exchange.

The active supply of Bitcoin and Ethereum is at record lows. Only 30% of BTC and 39% of ETH has moved in the past year — the lowest values on record, ever.

Nike has released new sneakers that come with NFTs. These sneakers feature an embedded near-field communication (NFC) chip that allows the owner to ‘obtain a digital collectible and connect the physical product shipped with the digital collectible obtained.