Good morning Traders!
Yesterday the CFTC filed charges against the world’s largest crypto exchange Binance and its CEO Changpeng Zhao.
The CFTC alleges that Binance has allowed US citizens and US registered firms to trade crypto derivatives on the exchange without registering the exchange in the US. The CFTC claims that Binance has helped US based firms and citizens to circumvent that with the use of VPN.
Further to that, they also claim that Binance facilitated potentially illegal activities and it was also trading on the exchange in so called “house accounts”, potentially, against its own customers.
Bitcoin
Bitcoin has enjoyed a strong buying momentum in the last couple of weeks, as the banking crisis unfolded. On the higher timeframes it can also be seen as a pullback in the context of the longer term trend.
The market has reached the S/R level of around the 29,000 and has reacted to it, but it is still holding above the 26,400 area.
A decisive break above the 29,000 could see the market heading towards the next level around the 34,000 while a break below the 26,400 may signal the continuation of the higher timeframe trend, with the next level being around the 25,100.
Happy Trading!
