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Given that BTC has recovered from the support level of $23,300 during the US trading session, there is a favorable prognosis for the price forecast of the cryptocurrency. Over the previous few days, the price of bitcoin has fluctuated greatly, seeing big price increases followed by sharp decreases.
According to reports, the cryptocurrency exchange Binance, which processes the most deals of any exchange, is considering severing connections with its US business partners. Due to the Securities Exchange Commission’s (SEC) recent regulatory crackdown, Binance is reportedly considering delisting tokens from any companies with US locations.
Binance is one of several exchanges assessing its rules and processes to make sure they comply with regulatory standards in light of the SEC’s increased focus on the cryptocurrency business.
The relationship between exchanges and the US regulatory agency has grown strained and unpredictable after the Securities and Exchange Commission (SEC) declared BUSD, a stablecoin linked to the US dollar, to be a security and later sued cryptocurrency company Paxos.
According to reports, Binance is reassessing its American assets in light of recent events. Despite not having a US operating license, Binance has been operating in the nation through its subsidiary, Binance.
Binance is only one of several cryptocurrency exchanges that are now assessing their operations and exploring modifications to their business models in order to remain compliant with US legislation, though, as regulatory demands rise.
Changpeng Zhao (CZ), the CEO of Binance, responded to the accusations on Twitter by refuting them. CZ stated in response to a message on the social networking website.
Changpeng Zhao, the CEO of Binance, has recently generated controversy. According to a Reuters story, Binance moved $400 million from a “secret” account linked to its subsidiary Binance.US to Merit Peak, a trading company controlled by CZ.
The business, which was established in the British Virgin Islands in 2019, had previously made a $1 million investment in Binance’s American affiliate. Through Silvergate Bank, a banking institution that supports cryptocurrencies, the transaction was made possible.
Following the company’s demise in May, the SEC filed a lawsuit against Terraform Labs and its creator Do Kwon for allegedly moving millions of dollars worth of Bitcoin to a Swiss bank account. The selling of unregistered securities is alleged in the case.
More than 10,000 Bitcoin are alleged to have been transferred by the defendants from Terraform and Luna Foundation Guard accounts to a non-hosted wallet outside the trading platforms.
Over $100 million has been withdrawn since June 2022 as a consequence of Terraform and Kwon reportedly transferring Bitcoin to a Swiss bank institution and exchanging it for cash.
Over $40 billion in market value was lost when Kwon’s business collapsed. The Swiss financial watchdog, FINMA, refuses to comment on the matter.
The biggest cryptocurrency exchange in the world, Binance, is apparently thinking about discontinuing its collaborations with US companies as regulatory scrutiny of the exchange intensifies. According to Bloomberg, Changpeng Zhao, the CEO of Binance, is examining the exchange’s venture capital investments in the US and is thinking about terminating relations with US banks and service providers.
Additionally, Circle’s USDC stablecoin and other tokens from American-based companies are apparently being considered for delisting by Binance.
Binance, which provides services to US consumers through Binance.US, is under investigation by the SEC, CFTC, DOJ, and IRS. Binance.US asserts that it operates independently and has no intentions to leave the U.S. market in spite of the inquiry.
The current price of bitcoin is $24,323, and there have been $40 billion worth of transactions in the past day. The price of Bitcoin has dropped by 2.5% during the last 24 hours. With a current market value of $469 billion, Bitcoin is now ranked first on CoinMarketCap. With a maximum supply of 21,000,000 BTC coins, there are now 19,293,956 BTC coins in circulation.
After finding support at the $23,325 50% Fibonacci retracement level, Bitcoin has risen. Candles closing above this level started the upward trend, which sparked a purchasing movement in bitcoin.
The subsequent resistance level for Bitcoin is $24,350. The BTC price may rise to $25,300 if a bullish crossing takes place over this point. A “three white soldiers” pattern may also point to an impending increase in BTC on the 4-hour time frame.
The probability of a persistent upward trend in the price of Bitcoin is also influenced by the 50-day moving average. Investors may want to keep an eye on the $23,700 mark to decide whether to purchase or sell if the price goes below it.
A thorough analysis of the top 15 cryptocurrencies that investors should take into account for 2023 has been published by CryptoNews. The purpose of the report is to help investors make wise investing choices.
Investors may wish to investigate alternative high-return investment choices in addition to cryptocurrency.
