As already expressed in yesterday’s article, Changpeng Zhao this week agreed to plead guilty to anti-money laundering charges as part of an agreement with the Department of Justice, and Binance Exchange will also pay a $4.3 billion fine to end the criminal investigation against the company. Changpeng Zhao was accused of violating the Bank Secrecy Act, failing to implement an effective anti-money laundering program, and intentionally violating U.S. economic sanctions and knowingly profiting from the U.S. market without implementing control measures required by U.S. law. In fact, at this point, we all know what is going on, but there is no way, how can a foreign company compete with the largest country in the world. In addition, what is interesting is that according to court documents, U.S. prosecutors pressured a federal judge to require Changpeng Zhao to stay in the United States before his sentencing hearing on February 23, 2024, and to prevent him from returning to the United Arab Emirates before sentencing. . Documents show that Zhao Changpeng's bail is not enough to guarantee his return to the United Arab Emirates. Grandma is a bear, and she really bullies people to no end. As one of the largest bails in history, $175 million cannot buy her a period of peace.
After the turmoil involving the former richest man in China, Binance is likely to remain the top three crypto exchanges in the next 2-3 years, and there may be pressure to "rationalize" the company with 6,000 employees. One might think that with U.S. agencies cleaning up the industry this year by breaking up U.S. crypto-related banks (two of which ran an internal ledger that crypto companies could use around the clock to move fiat currencies), one could argue that the few remaining There are not many major players left. The rest will strengthen its compliance program and become part of a monitoring sharing agreement, an action that will ultimately help increase the likelihood of U.S. approval of a Bitcoin spot ETF.
With this plea agreement, the crypto market’s expectations for a Bitcoin spot ETF may have increased to at least 80%. Because the entire industry will be forced to abide by the rules that traditional financial companies must follow. What’s more, the whitewashing of the industry will strengthen the case for Bitcoin adoption among institutional investors and could make Bitcoin a safe-haven asset in investor portfolios. To this end, 2024 is likely to be another strong year for Bitcoin as the macro environment continues to provide favorable conditions and institutional demand. Data researchers pointed out in a report published on November 20 that the influx of volume demand will challenge the relatively limited supply of liquid Bitcoin, which may expand volatility. The influx of large amounts of demand will challenge Bitcoin, which has a relatively limited liquid supply. That is, the phenomenon of skyrocketing and plummeting will intensify. There is a lot of pent-up demand for spot Bitcoin ETF products, and perhaps as much as $70.5 billion will flow into the market from stock, bond and gold investors who only need to allocate a small portion of their assets. Even more conservative projections would see tens of billions of dollars entering the market in the first few years.
At this point, some friends couldn't help but ask, what's going on when the title says that the US is targeting us behind its big move? First, the Financial Times published a long article on Wednesday stating that the U.S. Treasury Department warned Congress that U.S. dollar-based digital tools, stablecoins and cryptocurrency exchanges pose significant risks. The article mentioned that crypto “dollars” will not collapse the world’s financial system, but they may disrupt the comfortable dollar-based settlement system. Moreover, as the current events in Hong Kong accelerate, our state-controlled encrypted stablecoins and related trading platforms may cause considerable harm to this privilege of the United States and are posing a threat to the current order.
The article also commented that implicit control of the encrypted token trading system, clearing system and custody mechanism will provide a large amount of information and bring us huge benefits. Therefore, the injection of our resources may expand the capital of the Hong Kong cryptocurrency exchange and make it a center for crypto tokens. When giving an example, the article once again mentioned Binance, believing that Binance is a cryptocurrency exchange that originated in our country. So one can imagine the commotion inside.
Back to the market.
4H, in the afternoon of Asian time, the market surged again in the short term, failed to reach a new high, and then fell back. The short-term previous low and the short-term moving average 36954-37125 form support, and the indicator MACD is still in the golden cross. In the evening, this should be used as a boundary to stop the decline and try to go long on dips. If it falls below, you may try to radically turn short. The upper pressure is 3.8w-3.85w. 3.63w/3.56w below.
30M, ultra-short-term market, a quick single needle reached the top and then recovered, but did not change the reverse direction. Pay attention to the previous high of 37830. As pressure, it effectively broke the position, and we will look further. The low point support is considered to be near 37270, and the probability of intra-small oscillation increases. Be patient and wait for effective position breaking before entering the market.
