Impact of the Binance lawsuit from the SEC on the crypto market

[MrSpasybo]

While we are concerned with LUNA 2.0 and Tether's assets, the SEC has plans to sue Binnace for its 2017 ICO.

"BNB was issued as a part of an initial coin offering (ICO) in 2017 that amassed $15 million for Binance.

The token mainly behaves as a utility asset within the Binance ecosystem, primarily enabling traders to earn discounts on their trading activities. Simultaneously, BNB also functions as a speculative financial asset, which has made it the fifth-largest cryptocurrency by market capitalization."

Source: BNB price risks 40% drop as SEC launches probe against Binance

I think this is not coincidental, as negative news is pumped out every day to force investors to sell crypto at the bottom. It seems the whales have had enough scenarios to bring the entire crypto market into winter.

Do you think this event can make the crypto market worse and bring BTC to a price below 20K USD?

[pelana vreo]

I think crypto investors already understand this situation, they will not sell Bitcoin or altcoins that have been bought because they have learned from 2018, when BTC price was below $10k then currently it is holding at $30k usd, and has hit a brand new ATH over from $62k usd.
The news from the SEC is unlikely to significantly affect the crypto market or Bitcoin price, the price will likely sideway at $30k and hopefully Binance can sort it out

[Zezari]

Of course, someone will not sell the cryptocurrency bought these years at such prices, large investors will probably buy it now to increase their profits. Those investors who bought the crypt in those years are selling a lot and expect another price reduction in order to invest and buy more.

[Noverteno]

Such negative news affects more on the coin itself and minimally and temporarily on the cryptocurrency market. This is similar to the case with ripple, but so far the SEC itself is looking into this situation and the case has not yet reached the court. I don't see any drop in the BNB price, the drop is in sync with the entire cryptocurrency market. But this situation will certainly improve the position of ethereum, especially before the planned completion of the upgrade of this network.

[cheezcarls]

This is just another market manipulation tactic by the whales. They purposely wanna do that to condition the minds of those newbies and beginners to panic sell so that they can buy at their targeted prices. I only have a very small amount of BNB for the purpose of paying gas fees in Pancakeswap, BSC transactions, etc., so I don’t really mind at all.