Traders forecast $24K Bitcoin price amidst SEC vs. Binance dispute.
The value of Bitcoin (BTC) reached $25,800 on June 6th due to the panic caused by the largest exchange, Binance. Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD steadied after dropping to near three-month lows. The weakness came from a knee-jerk market reaction to the news that the United States Securities and Exchange Commission (SEC) was suing Binance and its CEO, Changpeng “CZ” Zhao, over “a variety of securities law violations.” While the sparks continued to fly between the exchange and the SEC, even on social media, Bitcoin traders looked to what a recovery might look like. Trading suite DecenTrader warned about a high long/short ratio on Bitcoin, this even beating levels seen after the implosion of the FTX exchange in November 2022. Others looked beyond the Binance story to call for the broader risk asset environment to improve in the coming months. Among them was Arthur Hayes, former CEO of derivatives exchange BitMEX, who suggested that sub-par crypto performance was tied directly to activity within the U.S. economy. According to monitoring resource CoinGlass, crypto long traders saw liquidations, which totaled just shy of $300 million on June 5.
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