Bitcoin Takes a Dive: Bulls in Hibernation, Bears Celebrate

SEC Files Lawsuit Against Kraken; Binance Presents $4B Settlement as First Mover Americas

SEC sues Kraken, Binance facing $4B settlement.

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Bitcoin continues its downward spiral. It’s like a roller coaster ride in the dark, where you have no idea if you’re going up or down until you feel your stomach lurching. And right now, we’re definitely heading south.

In one corner, we have Binance, the cryptocurrency exchange that’s been under investigation by U.S. authorities. Rumor has it that they might have to cough up a hefty $4 billion to settle the charges. Not only that, but the founder, Changpeng “CZ” Zhao, might even face criminal charges. Talk about a double whammy! It’s like Binance is caught in a wrestling ring, facing off against the Department of Justice in a match for the ages.

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But that’s not all! Kraken, another crypto exchange, is also making headlines. The U.S. Securities and Exchange Commission (SEC) is accusing them of commingling customer funds with their own corporate assets. It’s like mixing oil and water, except in this case, it’s mixing money and crypto. And we all know what happens when you mix things that shouldn’t be mixed — chaos ensues, and the SEC is not happy about it.

Now, you’d think that tokens associated with these scandals would be in the dumps. But guess what? They’re actually thriving! It’s like a twisted version of “The Scarlet Letter” where the accused tokens not only survive but thrive in the market. It’s as if traders are saying, “Regulatory actions? We couldn’t care less!” These tokens have posted double-digit gains, outperforming even bitcoin itself. It’s like David defeating Goliath, only this time, David is a token named Solana and Goliath is the SEC.

Chart of the Day

Here’s a chart that shows the percentage of bitcoin’s circulating supply in profit since 2011. It’s like a roller coaster that takes you from deep underwater to soaring heights. Right now, we’re on a steep incline, with 83.86% of bitcoin’s supply in profit. It’s the highest since December 2021. The bulls must be dancing in joy, but they’re not quite at their peak yet. The threshold for previous bull market tops is 95%, so there’s still some climbing left to do. Hang on tight!

(Source: Glassnode)

By now, you might be thinking, “This whole crypto world is bonkers!” And you wouldn’t be wrong. It’s a wild, unpredictable ride that keeps us on the edge of our seats. But that’s what makes it exciting, isn’t it? The ups, the downs, the unexpected twists and turns. It’s like being in a Hollywood blockbuster where the heroes overcome seemingly insurmountable odds. And that’s why we’re here, right? To be a part of this thrilling adventure in the digital asset realm.

So strap in, fellow crypto enthusiasts, because we’re in for the ride of our lives. Bitcoin may be taking a dive today, but who knows what tomorrow will bring? Will the bulls rise from their hibernation and reclaim their dominance? Or will the bears continue to celebrate their victory? Only time will tell. Until then, buckle up and enjoy the roller coaster!

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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Edited by Sheldon Reback.

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