while the markets traditional do not awaken, the Crypto Times come take a good morning to bitcoin. Check out a brief summary of what could affect the market this Tuesday (28).
O Bitcoin (BTC)) morning fell, with the market taking a big step back from the binancea brokerage house with the highest trading volume on the market.
O Ether (ETH) also shows a negative sign in the midst of uncertainties. Still, the value of Marketplace of cryptocurrencies returns to the level of US$ 1.13 trillion.
Yesterday, the CFTC, the regulatory body for futures and commodities in the United States, filed a lawsuit against the exchange alleging that Binance was circumventing American regulations.
Changpeng Zhao (“CZ”), CEO of Binance, published this morning the copy of the letter he sent to US senators. ANDIn an excerpt, CZ guarantees that he and Binance value regulation in favor of user protection, but understands that the best way to do it is through friendly regulation.
“Binance has stated that the best form of user protection is regulation. Smart regulation will protect consumers and markets and will still allow innovation and the preservation of crypto’s core value propositions of financial independence and empowerment,” he writes.
Still in response to regulators, CZ last night published a response signed by him.
In the response, in one of the excerpts, the CEO writes that: “After an initial analysis, the complaint appears to contain an incomplete description of the facts, and we do not agree with the characterization of many of the problems alleged in the complaint. While we can only give full answers in due time, we will touch on some key points.”
Who’s Afraid of Binance?
André Franco, chief analyst at Mercado Bitcoin, comments that the market reacted badly with the “Binance in check.”
“Yesterday it was reported that the CFTC is suing Binance, the world’s largest crypto exchange by volume. The market reacted badly and the Bitcoin ended the day with a 3% drop”, says
According to him, it is still not possible to measure the consequences of this type of action against Binance and also what the broker’s reaction will be.
“In the on-chain data, there was an accumulation of 3,000 bitcoins by long-term (LTH) investors. In Ethereum, 9,000 new ETH were locked in the Beacon Chain”, he says.
However, for Fernando Pereira, content manager at Bitget and analyst, further declines can be seen in graphical analysis. For him, Bitcoin could reach the level of $ 26,000 this week.
“After making the well-known reversal diamond pattern (when the support and resistance lines in the price make a diamond-like shape), Bitcoin should (statistically speaking) deliver more declines in the coming days”, he assesses.
The market fear and optimism index retreats five points, but remains optimistic. The day before, the index was at 64, in the bullish zone, and today it is at 59, from 100.
Source: Moneytimes
I am an author and journalist with a focus on market news. I have worked for a global news website for the past two years, writing articles on a range of topics relating to the stock market. My work has been published in international publications and I have delivered talks at both academic institutions and business conferences around the world.
