Did Wall Street arrange a fine for Binance and a conviction for Sam Bankman-Fried?

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Last Updated on 24 November 2023 by CryptoTips.eu

While most mainstream media like CNN and The Guardian are still reeling from the billion-dollar fine for Binance, crypto research firm Coinshares quickly calculated this week that a Bitcoin ETF approval would push the price to $141,000, at least if it were Blackrock’s. This is because they believe that the largest hedge fund in the world could attract more customers to Bitcoin investments, especially now that Binance has been sidelined in the United States.

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Sympathy

The crypto world reacted with dismay to the resignation of Changpeng Zhao, CEO of Binance and until recently the largest billionaire in the digital currency world.

Many are pointing fingers to Blackrock’s ETF filing as the possible culprit. The thing is, with FTX out of the way, Binance’s market position was at one point one of a global monopoly player.

When Travis Kling, the former founder of crypto firm Ikiga Asset Management (which was bankrupted by FTX and lost tens of millions of dollars at the time), noted in June this year that Blackrock would never get a Bitcoin ETF approved while Binance was in a monopoly position, some commentators thought he was exaggerating. Crypto fans said we would at least have to wait for the trial of Sam Bankman-Fried.

Xi Jinping

After SBF indeed faced a conviction at the beginning of this month, the American stock exchange watchdog focused on Binance and its CEO, Changpeng Zhao.

The timing of this billion-dollar fine for Binance, just after the visit of Chinese President Xi Jinping, now also seems to be correct as to Travis’ prediction.

Many are now wondering, with Wall Street keen to take over the power of crypto, which is the next domino to fall?

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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