Bitcoin falls to $25,800 in the wake of the SEC's lawsuit against Binance Bitcoinprice BTC crypto
- The cryptocurrency market experienced a widespread sell-off on Monday after the Securities and Exchange Commission filed a lawsuit containing 13 charges against Binance, the world’s largest cryptocurrency exchange, and its CEO, Changpeng Zhao , for operating an illegal platform in the U.S. and for the misuse of customer funds.
Equities also fell under pressure in the afternoon, which erased any gains achieved in the morning session. At the close of markets, the S&P, Dow and Nasdaq were all in the red, down 0.20%, 0.59%, and 0.09%, respectively. The Binance lawsuit appears to have been the deciding factor in which way the market would move, with Bitcoin falling below $26,000, a consistent level of support since the middle of March.
For those looking for insight into what level would be good to open a long position, technical analyst Mister Crypto highlighted the $25,000 zone as a strong entry point.— Mister Crypto June 5, 2023 And MN Trading CEO Michaël van de Poppe called the Binance-inspired downturn a “moment of truth” for the total crypto market capitalization, noting that if the market cap falls below its 200-week moving average – currently located near 1.
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