⏬⏬Massive crypto sell-off!

5:50 PM June 5, 2023

Binancecoin loses almost 10% and Bitcoin falls by more than 5% amid the problems of the Binance exchange in the US

Cryptocurrencies are clearly in a downturn. Bitcoin is losing over 5%, and Binance Coin is down nearly 10% following the news that the SEC was planning to sue the largest cryptocurrency exchange, Binance, due to uncovered irregularities. Binance is accused of violating securities market regulations, conducting unregistered securities sales (the SEC considers cryptocurrencies as securities), and operating an unregistered securities exchange in the United States. Additionally, the SEC reportedly indicated that the exchange was managing its clients' funds, including secretly transferring funds to an entity controlled by the company's founder.

It is important to note that this is not the first time U.S. authorities have sued Binance. The CFTC had previously taken similar action. The United States likely wants to prevent investments in cryptocurrencies through the Binance exchange as quickly as possible.

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In response to these reports, we are witnessing significant drops in cryptocurrencies and, above all, a breakout from the recent sideways trend. As we can see, positive sentiments in the U.S. stock market or commodity market no longer have a positive impact on cryptocurrencies.

Binancecoin is at its lowest since early March, as is Bitcoin. On the other hand, we are seeing further increases on the US100. Source: xStation5

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