{"id":524706,"date":"2023-03-28T14:30:36","date_gmt":"2023-03-28T14:30:36","guid":{"rendered":"https:\/\/wncen.com\/?p=524706"},"modified":"2024-06-11T08:09:53","modified_gmt":"2024-06-11T08:09:53","slug":"bitcoin-in-free-fall-as-regulators-turn-their-attention-to-binance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-in-free-fall-as-regulators-turn-their-attention-to-binance\/","title":{"rendered":"Bitcoin In Free Fall As Regulators Turn Their Attention To Binance"},"content":{"rendered":"

The new week is starting out worse than expected for Bitcoin and the cryptocurrency is already suffering from falling prices. The direct effect of the Commodities Futures Trading Commission (CFTC) suing Binance, the world\u2019s largest crypto exchange, and its CEO Changpeng Zhao, has put Bitcoin, and other assets, in free fall.<\/p>\n

Bitcoin Revisits $26,000 Territory<\/h2>\n

Once the news of the CFTC going after Binance broke, the crypto market responded swiftly. The digital assets in the space which were already suffering from low momentum fell further and for Bitcoin, this meant that the cryptocurrency was revisiting the $26,000 territory once more.<\/p>\n

Related Reading: Six Million Bitcoins Now Lost Forever? Why This Matters<\/a><\/div>\n

After reaching a nine-month high of $28,500, BTC had corrected back down below $28,000, where it trended for the better part of a week. But the Fear, Uncertainty, and Doubt (FUD) that currently has the space in a chokehold pulled it down even further.<\/p>\n

Interestingly, the trading volume of the cryptocurrency has seen an increase during this time. It is up 30% over the last day as it crossed $19 billion, but this is the only green the coin is seeing. At the time of writing, BTC has already fallen as low as $26,606, accounting for an over 4.4% loss during this time.<\/p>\n

\"Bitcoin<\/p>\n

BTC price falls below $27,000 again | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Investors Make A Run On Binance<\/h2>\n
As expected, investors have been pulling out large amounts of cryptocurrency from the Binance crypto exchange since the CFTC lawsuit was announced. In the space of one day, there has been more than 4,750 BTC withdrawn from Binance alone, bringing the exchange\u2019s total BTC balance down to 534,796.11 BTC, according to data from Coinglass<\/a>.<\/p>\n
Some of the BTC being moved away from Binance seems to be moving into competitors, some of which have seen positive BTC inflow in the last day. These include Bitstamp, Coinbase, Bitfinex, BitFlyer, and ByBit, among others.<\/p>\n
\"Binance<\/p>\n
BTC rotate out of Binance to other exchanges | Source: Coinglass<\/a><\/pre>\n
These withdrawals reflect how investors are currently dealing with the news, choosing to protect their coins to prevent a repeat of FTX where investor funds are still stuck. However, CZ has already denied<\/a> the allegations levied by the CFTC, and a rebuttal is likely expected.<\/p>\n
Related Reading: On-Chain Data Indicates Ethereum\u2019s Bullish Trend Could Continue<\/a><\/div>\n
Nevertheless, the impact on the market is still apparent as Binance is arguably the largest player in the crypto industry and if something were to happen to the exchange, it would be devastating for the entire crypto sector.<\/p>\n
Binance\u2019s native cryptocurrency, BNB, has recorded worse to the news compared to other top coins. The altcoin declined 6% on the 24-hour chart to be trading at $308. It is also seeing a cumulative loss of 8.07% on the weekly chart.<\/p>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from The Enlightened iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The new week is starting out worse than expected for Bitcoin and the cryptocurrency is already suffering from falling prices. The direct effect of the Commodities Futures Trading Commission (CFTC) suing Binance, the world\u2019s largest crypto exchange, and its CEO Changpeng Zhao, has put Bitcoin, and other assets, in free fall. Bitcoin Revisits $26,000 Territory Once the news of the CFTC going after Binance broke, the crypto market responded swiftly. The digital assets in the space which were already suffering from low momentum fell further and for Bitcoin, this meant that the cryptocurrency was revisiting the $26,000 territory once more. Related Reading: Six Million Bitcoins Now Lost Forever? Why This Matters After reaching a nine-month high of $28,500, BTC had corrected back down below $28,000, where it trended for the better part of a week. But the Fear, Uncertainty, and Doubt (FUD) that currently has the space in a chokehold pulled it down even further. Interestingly, the trading volume of the cryptocurrency has seen an increase during this time. It is up 30% over the last day as it crossed $19 billion, but this is the only green the coin is seeing. At the time of writing, BTC has already fallen as low as $26,606, accounting for an over 4.4% loss during this time. BTC price falls below $27,000 again | Source: BTCUSD on TradingView.com Investors Make A Run On Binance As expected, investors have been pulling out large amounts of cryptocurrency from the Binance crypto exchange since the CFTC lawsuit was announced. In the space of one day, there has been more than 4,750 BTC withdrawn from Binance alone, bringing the exchange\u2019s total BTC balance down to 534,796.11 BTC, according to data from Coinglass. Some of the BTC being moved away from Binance seems to be moving into competitors, some of which have seen positive BTC inflow in the last day. These include Bitstamp, Coinbase, Bitfinex, BitFlyer, and ByBit, among others. BTC rotate out of Binance to other exchanges | Source: Coinglass These withdrawals reflect how investors are currently dealing with the news, choosing to protect their coins to prevent a repeat of FTX where investor funds are still stuck. However, CZ has already denied the allegations levied by the CFTC, and a rebuttal is likely expected. Related Reading: On-Chain Data Indicates Ethereum\u2019s Bullish Trend Could Continue Nevertheless, the impact on the market is still apparent as Binance is arguably the largest player in the crypto industry and if something were to happen to the exchange, it would be devastating for the entire crypto sector. Binance\u2019s native cryptocurrency, BNB, has recorded worse to the news compared to other top coins. The altcoin declined 6% on the 24-hour chart to be trading at $308. It is also seeing a cumulative loss of 8.07% on the weekly chart. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from The Enlightened iStock, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":524713,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,1144,78790],"class_list":["post-524706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin In Free Fall As Regulators Turn Their Attention To Binance<\/title>\n<meta name=\"description\" content=\"The new week is starting out worse than expected for Bitcoin and the cryptocurrency is already suffering from falling prices. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin In Free Fall As Regulators Turn Their Attention To Binance","url":"http:\/\/wncen.com\/news\/bitcoin-in-free-fall-as-regulators-turn-their-attention-to-binance\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-in-free-fall-as-regulators-turn-their-attention-to-binance\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/iStock-158178590.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/iStock-158178590.jpg?fit=1231%2C851"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","btcusd","btcusdt"],"dateCreated":"2023-03-28T14:30:36Z","datePublished":"2023-03-28T14:30:36Z","dateModified":"2024-06-11T08:09:53Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin In Free Fall As Regulators Turn Their Attention To Binance\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-in-free-fall-as-regulators-turn-their-attention-to-binance\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-in-free-fall-as-regulators-turn-their-attention-to-binance\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/iStock-158178590.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/iStock-158178590.jpg?fit=1231%2C851\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2023-03-28T14:30:36Z\",\"datePublished\":\"2023-03-28T14:30:36Z\",\"dateModified\":\"2024-06-11T08:09:53Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/iStock-158178590.jpg?fit=1231%2C851","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/524706"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=524706"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/524706\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/524713"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=524706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=524706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=524706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}