Cryptocurrencies Plummet As Binance And Zhao Seek Dismissal Of SEC Lawsuit

Major cryptocurrencies saw a significant decline in value on Wednesday evening following the filing of a dismissal request by Binance, Binance.US, and Changpeng Zhao in response to a Securities and Exchange Commission (SEC) lawsuit.

Binance, Binance.US, and Zhao have filed a motion to dismiss the SEC lawsuit against them. They argue that the SEC has not provided sufficient evidence to support their allegations of securities-related violations. 

Furthermore, they claim that the SEC is attempting to assert authority over digital assets without clear legislative direction from Congress.The SEC initially sued Binance, Zhao, and Binance.US in June, accusing them of unlawfully listing unregistered securities.

Currently, the global crypto market capitalization stands at $1.06 trillion, a 0.84% decrease in the last day.

Stocks experienced a decline on Thursday amidst a surge in Treasury yields, reaching multiyear highs. Consequently, the S&P 500 dropped by 1.64%, closing at 4,330, while the Nasdaq Composite declined by 1.82% to 13,223.98. The Dow Jones Industrial Average fell over 370 points to 34,070.42.

According to crypto analyst Michael Van de Poppe, Bitcoin is currently at a crucial level that needs to be maintained.

The markets are experiencing a correction following the super hawkish FOMC meeting and dotplot.

There is an expectation of a relief bounce from the US open, and the fate of Bitcoin ultimately hinges on it holding above $26,500.

“Bitcoin back in the chop. I think we’ll continue to do so, so the funding game continues to be played out too.’
 

Bitcoin still on a crucial level here, which should be holding.

Markets correcting after FOMC meeting (dotplot super hawkish). 

Expecting a relief bounce up from US open, and depending on that, #Bitcoin holds above $26,500. pic.twitter.com/tjk3AgUXP1

— Michaël van de Poppe (@CryptoMichNL) September 21, 2023

Crypto Tony said, “So my plan was to long while we remained above $26,800 and thus far that is what we are doing.”

$BTC / $USD – Update 

So my plan was to long while we remained above $26,800 and thus far that is what we are doing 💯 Certainly came down a bit so up to the bulls now to end this week on a bullish high pic.twitter.com/Ql9AUmw7LU

— Crypto Tony (@CryptoTony__) September 21, 2023

Speculators have entered a state of “panic” as new research suggests that the majority of them are currently experiencing losses. According to Glassnode, an analytics firm, 97.5% of short-term hZenger News (STHs) are facing unrealized losses. 

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