• Binance experiences minor Bitcoin outflows despite SEC lawsuit fears.
• Turkish Lira implodes, as Bitcoin and dollar appreciate against it.
• Coinbase drops 15% in pre-market trading after SEC lawsuit.
Binance Experiences Minor Bitcoin Outflows
Despite fears surrounding the potential of a lawsuit from the United States Securities and Exchange Commission (SEC), Binance has only experienced minor Bitcoin outflows on June 7th. Roughly 12,000 Bitcoins have left the exchange on that day, which is small compared to previous capitulations in the past year such as during the FTX collapse when 40,000 Bitcoins left the platform in one day. This suggests investors are not overly concerned with the potential of asset freezes due to a potential lawsuit against Binance.
Binance US’s Bitcoin Price Show Significant Divergence
The price of bitcoin on Binance US shows significant divergence from other exchanges today, indicating that traders may be rotating their funds away from this platform due to worries about a potential SEC lawsuit. The price of bitcoin is currently around $36,500 on Binance US compared to almost $37,500 on other exchanges like Coinbase and Kraken.
Turkish Lira Implodes As Bitcoin And Dollar Appreciate Against It
The Turkish lira has been experiencing extreme volatility today as both Bitcoin and the US dollar have appreciated significantly against it. The currency is down over 15% against both assets in just 24 hours as investors fear that Turkey’s central bank may not have enough foreign reserves to support its currency should there be an economic crisis or shockwave coming from abroad.
Bitcoin Investors Indifferent To Potential Asset Freeze
Despite concerns about a potential asset freeze at Binance due to a possible SEC lawsuit, investors seem unconcerned about this risk so far; with only minor bitcoin outflows occurring despite these rumors circulating for some time now. This suggests that either investors are comfortable with their positions or are confident that any action taken by authorities would be temporary and unlikely to cause long-term damage to their holdings at Binance.
Coinbase Drops 15% In Pre-Market Trading After Lawsuit
Coinbase dropped 15% in pre-market trading after news broke of an impending SEC lawsuit against them for allegedly mishandling customer funds and trades with high frequency traders during 2017 and 2018. While no official statement has been made by Coinbase yet regarding how they will handle this situation or if they plan to fight it in court, many crypto investors are keeping an eye on developments as they could impact future regulations for crypto exchanges across the board should this case end up going before a judge or tribunal for adjudication purposes