Bitcoin’s price fell 1.6% to $26,500 as anxiety about Binance caused market sentiment to decline, resulting in a ten-day low for BTC/USD. The largest cryptocurrency spent most of the weekend without any clear direction and remained stagnant. The Wall Street opening on March 27 caused a return of volatility, and the downward trend has continued since. US regulators are suing Binance, citing violations of derivatives trading rules, which has added to the confusion, and cryptic tweets from Binance’s CEO and other sources haven’t helped.
Traders are eager to dismiss the idea that this occurrence will have a long-term impact on asset performance, but pressure on crypto markets is exacerbated by the S&P 500 remaining stagnant and the Nasdaq Composite Index dropping. Daan Crypto Trades has called it “CEX FUD,” and traders are reacting by attempting to shake off the idea that this event will have protracted influence on asset performance. Scott Melker, the trader, analyst, and podcast host known as the “Wolf of All Streets,” queried, “What crypto company ISN’T being sued at this point?”
