Yesterday, the U.S. Commodity Futures Trading Commission (CFTC) sued Binance and its CEO Changpeng Zhao for regulatory violations.
CTFC alleges that Binance (we are not talking about its American subsidiary Binance.US) illegally worked with American investors, including large institutional ones. The regulator considers bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) to be commodities, which distinguishes it from the US Securities and Exchange Commission (SEC), which claims that all cryptocurrencies other than bitcoin are securities.
The CTFC lawsuit is yet another link in the U.S. lawsuit launched in March against the cryptocurrency industry, which includes SEC lawsuits against SushiSwap, Tron and Coinbase. Apparently, this campaign is related to the banking crisis, as a result of which Americans began to withdraw their money from banks and invest it in bitcoin, which the US authorities obviously do not like.
The attack against the largest cryptocurrency exchange turned out to be effective in terms of the bitcoin rate. According to the Cryptocurrency Screener Cryptovizorwhich determines the market price of BTC/USD based on the results of trading on the largest spot exchanges, the asset fell by 5% to $26,491. At the time of publication, the price corresponded to $27,015.
Against the backdrop of these events, experts changed their point of view, whose opinion on the next decision of the US Federal Reserve on the rate publishes real-time Chicago Mercantile Exchange (CME). After the last rate hike, the vast majority of analysts expected that the regulator would not change the rate in May. Today, however, the scale has shifted upward by 0.25%.
Traders admit that bitcoin has not yet fully worked out the negative news. If the price fixes below $26,700, we should expect a fall to $25,000. Crypto Tony thinksthat Bitcoin has so far retained critical support, but if it is lost, it makes sense to open a short position.
Analyst Rekt Capital sent a letter yesterday to his subscriber, in which he assessed the market in the long term. He noted that Bitcoin is currently emerging from a global downtrend that began in November 2021. If the monthly and quarterly candles close (and this will happen at the end of the week) above $25,000, then the break in the trend will be finally confirmed.
In this case, a retest of the global downtrend line may occur, as happened in 2015. However, there was no such retest in 2019.
As previously reported by Hash Telegraph, Bitcoin has consolidated above the 200-week moving average and thus confirmed the change in the global bearish trend to bullish.
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