BTCUSD Analysis: Clients Fleeing Binance

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According to various estimates, from USD 2.36 billion to USD 3.35 billion was withdrawn from the largest cryptocurrency exchange in 1 week. The head of the exchange, Changpeng Zhao, said that the drop in the balance could be exaggerated due to the depreciation of cryptocurrencies against the dollar, but fears are growing.

Hearings will be held today to freeze the assets of the Binance.US exchange in a lawsuit filed by the SEC. By the way, Binance also received a complaint from regulators in Nigeria, a country leading in the adoption of cryptocurrencies in Africa.

Cryptocurrency market enthusiasts are given hope by a bill introduced yesterday by Congressmen Warren Davids and Tom Emmer, which involves the restructuring of the SEC and the dismissal of its head, Gary Gensler. However, believing that this will happen may be too naive.

In one week after the lawsuits from the SEC, the market capitalization of crypto decreased by approximately USD 75 billion. The decline leaders are crypto assets that the SEC classified as securities - ADA, BNB, MATIC and others - about 60 assets in total. Fortunately for enthusiasts, ETH and BTC are not among them.

However, the price of bitcoin is under pressure. The BTC/USD rate has broken through the ascending channel, tested it (as we indicated), and is near an important support around USD 25k. It could be breached if there is a decision to freeze Binance.US funds, or news about the US economy that affects the value of the US dollar.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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