At the moment the news arrived, the price of Bitcoin was still at $29,250 and the price could crash due to the impact of the news. At the end of last month, we mentioned that the most concerning event for August was the lawsuit that would be filed against Binance exchange by the US Department of Justice. Now more details are emerging. Investors are rightly reducing their risk.
Last Minute News on Cryptocurrencies
According to Semafor and Reuters, the US Department of Justice will soon file a lawsuit against Binance exchange. It is claimed that authorities are considering the investigation at this stage. The lawsuit, expected to be filed with fraud charges, could be fueled by details from CFTC and SEC cases. The two US institutions have accused Binance of various serious crimes, including unauthorized securities issuance. Binance, on the other hand, has denied all these allegations.
There are various allegations ranging from the mixing of customer assets to laxity in KYC and AML. If Binance is sued by the US Department of Justice, its effects can shake all markets.
Binance CEO CZ shared a post about “4” which means FUD about 1 hour ago. Usually, news that follows such posts tends to disturb the market. If Bitcoin loses $28,800, it can drop to the $28,300 and $27,400 areas. This is a risky scenario for altcoins.
BTC had fallen below $29,000 when the article was being prepared.
