The U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and its founder, Changpeng Zhao, claiming that the crypto exchange and its CEO violated U.S. law . The lawsuit alleges that Binance allowed U.S. customers to trade cryptocurrency derivatives without registering with the CFTC, and that the exchange failed to implement adequate anti-money laundering procedures. As a result, the CFTC is seeking monetary penalties, disgorgement of ill-gotten gains, and an injunction against Binance and Zhao to prevent them from further violating U.S. law. This event caused a sharp decline in Bitcoin’s value, which briefly dropped below $27k.
Bitcoin Price Lost 4.69% in past 5 days to $27,022
Bitcoin has lost about 4.69% of its value in the past 5 days, dropping to a price of $27,022 . This decline is part of the broader trend of Bitcoin and other cryptocurrencies experiencing a slide in value, which is being caused by a combination of short-term and long-term factors . Some of these factors include concerns over the environmental impact of Bitcoin mining, regulatory crackdowns by governments around the world, and the liquidation of crypto-friendly bank Silvergate . These events have contributed to a general sense of uncertainty and caution in the cryptocurrency market, leading many investors to sell off their holdings and causing a decline in prices.
Same Analysts are Saying That Bitcoin price retains $27K
Same analysts are saying that Bitcoin is retaining its $27k price point despite repeated tests to push it below this level . However, it is also important to note that Bitcoin did plunge below $27k after the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and its founder . This event caused a sharp decline in Bitcoin’s value. Nonetheless, Bitcoin’s price has remained resilient and has managed to bounce back to the $27k range. Overall, the market is still divided on what the future holds for Bitcoin’s price action.
EU Wants more Control Over Anonymous Crypto Wallets
Lawmakers on two key committees in the European Parliament have voted in favor of imposing limits on payments by unverified crypto users, including a $1,000 cap on payments by anonymous crypto wallets . This move is part of the European Union’s broader regulatory push to combat money laundering and terrorist financing in the cryptocurrency industry. The new rules will require crypto exchanges and wallet providers to conduct due diligence on their users and report suspicious activity to authorities. However, it is important to note that these rules are not yet finalized and still need to be approved by the full European Parliament and individual member states.