On Friday (June 9) in the Asian market, Bitcoin continued to suffer selling pressure from the U.S. Securities and Exchange Commission’s lawsuit against Binance and Coinbase. However, the price of the currency maintained a trend of not falling below $26,000, and the short-term decline was short of volume. There were rumors overnight that Binance US had misappropriated customer assets without authorization. Binance CEO Changpeng Zhao (CZ) made a statement that he had not collected US$11 billion in customer funds, emphasizing that the rumor was completely false.

Binance US (Binance.US) announced on Friday that it will suspend all U.S. dollar deposit services, and partner banks are preparing to stop U.S. dollar withdrawals on June 13 next week, calling on users to speed up the processing of their U.S. dollar assets. The move only affects Binance US and does not extend to the Binance platform.

After the news came out, Binance Coin (BNB) experienced a short-term decline, but soon recovered and rebounded, which further showed that crypto investors are united against the panic caused by the US Securities Regulatory Commission.

Bitcoin saw a wave of heavy selling in early trading, but in the absence of significant volume, it regained its footing at $26,459.

In a newly submitted legal document on May 6, the U.S. Securities and Exchange Commission accused a company controlled by Zhao Changpeng of receiving US$11 billion in client funds. But Changpeng Zhao responded on Twitter early Friday morning: "This is completely false. I don't know if it's a reporter's problem or a problem with the source. As far as I know, Binance US (Binance.US) has a total of about 2 billion U.S. dollars in user funds." , this number is denominated in U.S. dollars, fluctuates with cryptocurrency prices, and has dropped significantly recently on news of indictments.”

He continued to emphasize: “All user funds are accounted for and have never left the Binance US platform. Unless, of course, the user withdraws their funds themselves.”

CoinDesk commented when citing rumors of Changpeng Zhao misappropriating customer assets, believing that US$12 billion in Binance US customer funds were sent to Changpeng Zhao, and US$162 million was sent to a Singapore company controlled by Binance backend and financial manager Chen Guangying.

The report also pointed out that Changpeng Zhao and Guangying Chen controlled a number of companies that were not obviously related to Binance, and the funds sent to them were all in out-of-case accounts. In the article, CoinDesk also quoted a Binance spokesperson’s response to the matter. In addition to emphasizing Binance’s transparency and disclosure of user information security issues, it also pointed out that the funds mentioned by the US Securities Regulatory Commission were company funds.

The spokesperson stated: “The funds mentioned by the SEC are strictly company funds, not user assets. Binance’s first priority is to hold user assets in a 1:1 ratio. These accounts represent companies that provide products/services. And the revenue earned. Like other companies around the world, our revenue is used to cover the operating costs of the global business."

A Binance spokesperson also pointed out that optimizing account holdings is something that many multinational companies do. “We are regulated in 17 countries around the world and regularly optimize our firm account holdings. These types of transactions are characteristic behavior of most global trading firms and are required to ensure we are able to facilitate our operations in a stable and compliant manner products and services.”

Here’s CMTrade’s daily Bitcoin technical analysis:

Bitcoin continues to fluctuate around 26640, as CoinTelegraph reports that the SEC has seen a significant increase in enforcement actions against cryptocurrencies in the six months since the collapse of crypto exchange FTX.

Looking at the 4-hour chart, the momentum of the bulls slowly fluctuates upwards, the bullish sentiment in the market continues, and there are signs of continued upward movement in the short term. The MACD indicator is weakly consolidated below the 0 axis, and the RSI indicator is weakly hovering near the 50 balance line.

Resistance level: 26821 27030

Support level: 26340 26154

Trading strategy: Bullish above 26531, target 26821 27030