{"id":36725,"date":"2023-11-23T11:26:35","date_gmt":"2023-11-23T11:26:35","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/bitcoin-falls-as-crypto-traders-react-to-binance-bombshell\/"},"modified":"2023-11-23T11:26:36","modified_gmt":"2023-11-23T11:26:36","slug":"bitcoin-falls-as-crypto-traders-react-to-binance-bombshell","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=36725","title":{"rendered":"Bitcoin Falls as Crypto Traders React to Binance Bombshell"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000807356\">\n<div data-layout=\"wrap&#10;              \" data-layout-mobile=\"\" class=\"&#10;        media-object&#10;        type-InsetMediaIllustration&#10;          wrap&#10;  article__inset&#10;        article__inset--type-InsetMediaIllustration&#10;          article__inset--wrap&#10;  \">\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"&#10;        media-object-image&#10;        enlarge-image&#10;        img-wrap&#10;        article__inset__image&#10;      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\">\n<div style=\"padding-bottom:66.66666666666666%;\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\">\n<h4 class=\"wsj-article-caption-content\">Bitcoin is still holding on to the bulk of gains from a big rally over the past month.<\/h4>\n<p>      <span class=\"wsj-article-credit article__inset__image__caption__credit\" itemprop=\"creator\"><br \/>\n            Dreamstime<br \/>\n          <\/span><br \/>\n  <\/figcaption><\/figure>\n<\/p><\/div>\n<p>\n        Bitcoin<br \/>\n      and other cryptocurrencies fell Wednesday in volatile trading following bombshell news that the CEO of Binance has pled guilty to anti-money-laundering violations and will step down from the world\u2019s largest crypto exchange.<\/p>\n<p>The price of Bitcoin has fallen 2% over the past 24 hours to $36,600, the largest digital asset\u2019s lowest level in a week. Bitcoin has retreated further from its recent peak near $38,000, which marked its highest point since cryptos plunged into a brutal bear market in May 2022, but the bulk of gains from a rally that has pushed prices two-thirds higher in a month remain.<\/p>\n<div class=\"paywall\">\n<p>\u201cThe pressure on the market is due to the resignation of Binance\u2019s CEO, who has been the face of the industry for the past year following the collapse of FTX,\u201d said Alex Kuptsikevich, an analyst at broker FxPro. \u201cThe market movement does not yet suggest a dramatic change in the long-term view of the industry \u2026 Bitcoin briefly touched $35,600 but found buyers again in more liquid trading \u2026 [it] has managed to stay within the uptrend of the last four weeks.\u201d<\/p>\n<p>Binance is by far the world\u2019s largest token exchange by trading volume and\u2014alongside CEO Changpeng Zhao\u2014the group also pled guilty, agreeing to $4.3 billion in fines and five years of third-party monitoring. Zhao, who owns Binance, will pay a $50 million fine and faces an 18-month maximum prison sentence under federal guidelines.<\/p>\n<p>While the news has, in the short-term, injected uncertainty into crypto\u2014and caused hundreds of millions of dollars in outflows from Binance\u2014some market participants see this development as a sign of positive maturation in the digital asset space.<\/p>\n<p>\u201cCZ stepping down from Binance is a strong signal of the maturity of the crypto market, where, in contrast to the wild-west stereotype, those who operate outside certain parameters will now be held accountable,\u201d said Greg Moritz, the COO of crypto hedge fund AltTab Capital. \u201cEven more importantly, a succession at Binance would show that the largest crypto operations have a solid continuity plan and are not dependent on any one person.\u201d<\/p>\n<p>As the crypto market settles in the wake of Binance\u2019s bombshell, it\u2019s likely that Bitcoin and other digital assets face a period of muted trading in the days ahead, just like the<br \/>\n        Dow Jones Industrial Average<br \/>\n       and<br \/>\n        S&amp;P 500<span>.<\/span><br \/>\n       Once economic data releases are out on Wednesday, U.S. investors are likely to log off as the Thanksgiving holiday and Black Friday loom.<\/p>\n<p>Beyond Bitcoin,<br \/>\n        Ether<br \/>\n      \u2014the second-largest crypto\u2014was recovering from earlier losses, up less than 1% at above $2,000. Smaller tokens or altcoins were weaker, with<br \/>\n        Cardano<br \/>\n      down 3% and<br \/>\n        Polygon<br \/>\n      plunging 4%. BNB, the native coin to the Binance exchange, fell 10%. Memecoins were also in the red, with<br \/>\n        Dogecoin<br \/>\n      dropping 4% and<br \/>\n        Shiba Inu<br \/>\n       shedding 5%.<\/p>\n<p>Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/bitcoin-crypto-prices-today-binance-ddaee187?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is still holding on to the bulk of gains from a big rally over the past month. Dreamstime Bitcoin and other cryptocurrencies fell Wednesday in volatile trading following bombshell news that the CEO of Binance has pled guilty to anti-money-laundering violations and will step down from the world\u2019s largest crypto exchange. The price of<\/p>\n","protected":false},"author":1,"featured_media":17411,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-36725","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Falls as Crypto Traders React to Binance Bombshell | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Bitcoin is still holding on to the bulk of gains from a big rally over the past month. 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