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The United States Commodity Futures Trading Commission (CFTC) sued Binance, its CEO Changpeng Zhao and CCO Samuel Lim on Monday, as reported by Invezz. The commission accused the popular cryptocurrency broker of knowingly offering unregistered crypto derivatives products in the United States, which is against federal law.
This latest development has seen the prices of Bitcoin and other cryptocurrencies record losses after the announcement. Bitcoin dropped below $27,000, while BNB lost more than 5% of its value on Tuesday. Although the market seems to have rebounded, the latest news has investors on edge.
Despite the current uncertain sentiment in the market, AltSignal’s token pre-sale event continues and the project has sold more than 45% of its allocation. As much of the attention focuses on the major companies and coins in the space, investors are encouraged to look at smaller projects, like AltSignals, that offer users real life utility and value.
The CFTC sues Binance and Changpeng Zhao
The CFTC considers assets including Bitcoin, Ether, Tether, and fellow stablecoin Binance USD (BUSD) as commodities and has accused Binance of offering these assets as derivatives to its users in the United States without registering as a futures commissions merchant, designated contract market or swap execution facility.
CFTC accused the cryptocurrency exchange of poorly supervising its business, not implementing know-your-customer (KYC) or anti-money laundering (AML) processes and using a poor anti-evasion program.
Binance’s lawsuit has experts split
Market experts believe that Binance’s lawsuit could affect the broader cryptocurrency market and pull Bitcoin down to $25,000. Bitcoin has been trading above the $28,000level in recent days but dropped below $27k on Tuesday after the Binance news.
However, BTC has recovered from the slump and is now trading above $28k once again.
Noelle Acheson, the author of the popular Crypto is Macro Now newsletter, said that the main worry is what the lawsuit will do short-term to market liquidity. He pointed out that if market makers step back from trading on Binance now and if Binance’s U.S.-based trading desks have to stop operations, the broader market will experience a decrease in liquidity.
Market experts expect Bitcoin to temporarily drop to the $25,000 level due to Binance’s role in the cryptocurrency space. But other experts disagree and are bullish on the cryptocurrency outlook. For example, Invezz reported on Tuesday that Bitfinex analysts believe we are in the early stages of a bull market.
What does this mean for AltSignals?
While the lawsuit is a temporary setback for the industry, investor sentiment doesn’t appear to have worsened. The crypto market has bounced back following the collapse of the FTX exchange in November 2022.
Fortunately, AltSignals might not be affected by the ongoing Binance saga. The AltSignals pre-sale stage continues to move as expected, as the team has sold 46% of its allocated tokens so far. The project has raised more than $220k and intends to raise an additional $260k before the pre-sale comes to an end.
AltSignals may be a good opportunity for investors
AltSignals is a platform that offers signals for cryptocurrencies, Binance futures and forex. The platform also offers CFD and traditional stock market signals.
Following Binance’s troubles, traders would want to trade more carefully when trading cryptocurrencies and forex. This could boost demand for AltSignals’ services.
An increase in demand and subsequent usage of AltSignals’ services could be an excellent opportunity for investors as it could relate to a surge in the price of the ASI token after the pre-sale stage.
AltSignals has been around since 2017 and continues to serve cryptocurrency and forex traders. The team is currently implementing an AI stack designed to take advantage of machine learning, predictive modeling and natural language processing (NLP) in a bid to enhance the volume and accuracy of the signals provided.
With AltSignals’ ActualizeAI, traders would gain access to a fully automated and 24/7 trading capability to help them boost accuracy, trade entries, more defined risk management and have clearer confluences.
AltSignals has so far sold more than 46% of its pre-sale tokens and intends to raise another $260,000. Investors still have the opportunity to purchase this token at a low price and could benefit from the increased adoption of the project and its ASI token in the coming months and years.
If you want to learn more about the AltSignals presale, you can visit their website.
The post CFTC sues Binance and CEO: what does this mean for AltSignals? appeared first on Invezz.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.