Binance CEO Zhao resigns, confesses financial violations.
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The total crypto market volume over the last 24 hours is $57.72B, which makes a 18.98% decrease.
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The total volume in DeFi is currently $6.81B, 11.80% of the total crypto market 24-hour volume.
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The volume of all stable coins is now $51.33B, which is 88.93% of the total crypto market 24-hour volume.
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Bitcoin’s dominance is currently 52.70%, an decrease of 0.20% over the day.
Major Events To Watch:
Crypto Fear and Greed:
Cryptocurrency market panic selling causes a 9-point drop in the "Greed and Fear Index," lowering it to 62 out of 100.
Latest Market Update:
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Bitcoin, the first and most valuable cryptocurrency, dropped significantly, almost reaching $36,000 on Wednesday.
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Other popular cryptocurrencies like Ethereum, Solana, Ripple, Litecoin, and Dogecoin also faced losses. The overall market seems uncertain for the next few days.
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Interestingly, FTX Token gained the most, going up by 12%, while PancakeSwap was the biggest loser, dropping by 15% in the last 24 hours.
Major Worldwide News Update:
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Binance, facing a $4.3 billion settlement with the U.S. Department of Justice, witnesses a 12% dip in BNB price as former CEO Changpeng Zhao steps down, pleading guilty to security law violations. Amid outflows, Binance prepares for a complete U.S. exit, agreeing to pay fines of $3.4 billion to FinCEN and $968 million to OFAC, with a five-year monitor appointed.
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Binance's deal with the U.S. Department of Justice is seen as a big moment for the crypto industry, making regulations clearer and possibly making investors more confident. It might also show other crypto exchanges how to work better with U.S. regulators. But after the deal, the prices of Bitcoin and Binance Coin have gone down.
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Richard Teng, a seasoned Singaporean businessman, becomes the new Binance CEO following Changpeng Zhao's resignation. Teng, with a background in finance and previous roles at Binance, outlines priorities, including ensuring user confidence, global regulatory collaboration, and driving Web3 growth. Meanwhile, Zhao plans a break and passive investing, signaling a shift from active leadership.
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Federal Reserve minutes reveal a reluctance to cut interest rates soon, citing concerns over persistent or rising inflation. Policy is expected to remain "restrictive" until a convincing return to the 2% inflation goal. Despite market sentiment anticipating rate cuts, the Fed shows no discussion of reductions, emphasizing a careful approach amid economic uncertainties. Economic growth is expected to slow in Q4, with risks tilted downside for overall growth and upside for inflation.
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The SEC has filed a lawsuit against Kraken, accusing the exchange of operating without required securities registrations. Notably, Ripple's XRP is absent from the list of assets in question. Ripple, engaged in its own legal battle with the SEC, recently secured preliminary victories. Despite XRP's exclusion from the Kraken lawsuit, its market performance has seen a minor decline in the past 24 hours.
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China's state-owned banks are actively purchasing the yuan, leading to a 2% increase against a weaker U.S. dollar. This shift in strategy, amid a general dollar weakness, surprises observers. The intervention aims to accelerate yuan gains, potentially encouraging exporters. The People’s Bank of China's actions hint at potential policy adjustments amid economic uncertainty.
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The U.S. Justice Department seizes nearly $9 million in Tether, linked to a criminal organization involved in romance and cryptocurrency scams. The operation targets a complex web of deception affecting over 70 victims, employing money laundering techniques like "chain hopping." Acting Assistant Attorney General notes the disruption of the scammers' financial infrastructure, sending a strong message to cybercriminals.
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Grayscale executives, including CEO Michael Sonnenshein, met with the SEC to discuss converting its Bitcoin Trust (GBTC) into a spot Bitcoin ETF. The meeting focused on NYSE Arca's proposed rule change, and Grayscale entered a service agreement with BNY Mellon to facilitate GBTC's issuance and redemption. The move is seen as an "uplisting," with potential dominance in the ETF category. Approval odds for a spot Bitcoin ETF remain high, with Grayscale's S-3 form filed for NYSE Arca listing.
COIN GABBAR Views: Is the $38k resistance level a hurdle that bulls are currently facing, and could the next potential target be $41.5k for Bitcoin? In 2023, is there anticipation for Bitcoin to reach a new all-time high? Is there a looming possibility of Bitcoin dropping below $35k, suggesting a potential downturn? Amidst market fluctuations, is it considered a strategic time to consider buying during dips in the Bitcoin price? To get latest news Stay tuned us at www.coingabbar.com
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
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