Hey all, finally back with a new video!
Binance is facing hard times with SEC sues and by money outflow. According to our data, last 24 hours, Binance net outflow is about $392 mln, so let’s keep an eye on the stability of cryptocurrencies.
There were BTC outflows from Binance following recent events, however, it’s encouraging to note that the movement of Bitcoin to private wallets indicates that retail investors are choosing to hold onto their Bitcoin rather than keeping them on exchanges, potentially facilitating exchanges for fiat or alternative cryptocurrencies.
Keep in mind that SEC has classified 46 cryptocurrencies as securities, which has significant implications for investors, exchanges, and the crypto industry as a whole. Trading these securities without proper registration may result in penalties for selling unregistered securities. That’s why Binance is facing legal actions.
More importantly, Bitcoin is not included in this list of 46 cryptocurrencies by the SEC. It focuses on the specific cryptocurrencies that have been classified as securities by the SEC, and Bitcoin is not among them. Bitcoin is often considered a decentralized digital currency rather than a security. Therefore, trading Bitcoin does not fall under the same regulatory requirements and potential penalties as trading securities. So ,I think that’s one of the reasons why BTC is doing quite well compared to ALTcoins.
However, it’s important to note that regulations may vary across different countries.
From an Elliott wave perspective, I see bitcoin supports at 25k, followed by 22k. On ETH I see very important 1600 area.
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Binance Faces Money Outflow and Sent Bitcoin Towards Support. Check our free chart HERE