FUD pushes down Bitcoin price, XRP continues climb, SBF tried to bribe Chinese officials
Last Updated on 6 November 2023 by CryptoTips.eu
As we reported yesterday, the US Commodity Futures Trading Commission (CFTC) has launched a lawsuit against Binance, the largest crypto platform in the world.
The news has been putting the brakes on the price of Bitcoin for two days in a row, while the largest digital currency already had to deal with profit-taking by short-term traders in the days before.
Analysts and crypto fans reacted to the news with disbelief. Scott Melker wondered if there is actually another crypto platform against which the US authorities have not started a lawsuit.
Coinbase and Binance
About two weeks after the SEC (Securities and Exchange Commission) filed a lawsuit against Coinbase (the largest US crypto platform), it is now the CFTC’s turn to file a similar lawsuit against Binance, the largest crypto platform in the world.
From Bloomberg. The part before the paywall says it all already. The rest of the article is inline.
— CZ 🔶 Binance (@cz_binance) March 27, 2023
Matt Levine’s Money Stuff: The CFTC Comes for Binance https://t.co/u1AqXuxZvi
Virtually every major media company (BBC, The Guardian, Bloomberg, etc.) in the world covered the news almost instantly, pushing the price of Bitcoin down
Support at $25,000
Changpeng Zhao, CEO of Binance, himself retweeted the Bloomberg article, which he found very accurate.
People thinking this is the End of Binance and Crypto because CFTC Sued Binance.
— Emperor👑 (@EmperorBTC) March 27, 2023
This is how it will end.
1. Government will ask Binance to pay a Huge Fine.
2. The fine will be equal to how much CZ spends on Lunch on the days he doesn't have lunch.
3. Back to Business.
He also tweeted the number 4, which according to the Financial Times indicated that he instructed his followers not to pay attention to ‘fake news’ and ‘attacks’.
Analyst Scott Melker, aka the Wolf of All Streets, who covered the CFTC news in a lengthy analysis, said he thought Bitcoin price was still moving in a normal range (with resistance at $28,600 and support around $25,000), even though it had Binance news caused some FUD (fear, uncertainty and doubt).
XRP higher
One of the only crypto coins that is still doing very well is XRP, which has been on a good climb since a week.
This because analysts think that the lawsuit between the SEC and Ripple Labs, the company behind the cryptocurrency XRP, is coming to an end.
The entire market dumped on the news except for $XRP.
— David Gokhshtein ®️ (@davidgokhshtein) March 27, 2023
If that happens, many expect XRP to rise to its pre-XRP v. SEC lawsuit levels.
SBF court case
Lastly, to those who think that the court proceedings between Gwyneth Paltrow and a man from Utah over an alleged skiing accident are the best entertainment they’ll see in a US court this year, we can promise that SBF (Sam Bankman-Fried) will do better. Apparently Sam spent some 40 million dollar of FTX money trying to bribe Chinese officials so he could access one billion dollars on his account that the Beijing government had frozen. Add into that mix Gisele Bundchen, Tom Brady and countless other celebrities and we’re getting ready for the trial of the century.
