🚨 BREAKING: US TREASURY CUTS MEXC OFF FROM US BANKS
Washington just dropped one of the biggest enforcement bombs of the year on crypto — and $BTC barely blinked.
The US Treasury's FinCEN named exchange MEXC Global a 'primary money laundering concern' and ordered US banks to stop all transfers to and from it. The allegation: at least $16 billion in illicit transactions since 2021, tied to sanctioned groups in Iran, Russia and North Korea. The order takes effect 30 days after it hits the Federal Register.
MEXC says it already bars US users and that funds are safe. But OKX's CEO is already warning users not to send funds directly from MEXC to OKX — they may be frozen.
Yet the market's reaction tells the real story. $BTC trades near $75,900, flat on the day, holding above $75,000 for a fourth straight day. $ETH sits near $2,238, also flat. Just $50 million was liquidated in 24 hours — down 70% from a day earlier. Fear & Greed is at 28 (Fear), up from 25.
My take: this is a stress test, and so far the market is passing it. A $16B action against a major exchange would have caused a panic sell-off in past cycles. Instead buyers keep defending $75,000, and Arkham spotted one entity buying about $228 million of $BTC . The weak hands already left during the week's $1.28 billion of ETF outflows — the worst week since June.
Levels to watch: support $75,000 and the 50-week average near $75,560. Resistance is $76,000 first — the trigger for renewed momentum — then $80,000. The 50-day average sits at $81,765, so a real recovery still has work to do.
Source: Cointelegraph / US Treasury (FinCEN)
Is the market finally learning to shrug off bad news — or is this the calm before a Monday move? What happens first: $80,000 or $70,000?
Follow for daily crypto updates.
#BitcoinRebounds$75KAsChipsLead #BTC #Crypto
Not financial advice.
Washington just dropped one of the biggest enforcement bombs of the year on crypto — and $BTC barely blinked.
The US Treasury's FinCEN named exchange MEXC Global a 'primary money laundering concern' and ordered US banks to stop all transfers to and from it. The allegation: at least $16 billion in illicit transactions since 2021, tied to sanctioned groups in Iran, Russia and North Korea. The order takes effect 30 days after it hits the Federal Register.
MEXC says it already bars US users and that funds are safe. But OKX's CEO is already warning users not to send funds directly from MEXC to OKX — they may be frozen.
Yet the market's reaction tells the real story. $BTC trades near $75,900, flat on the day, holding above $75,000 for a fourth straight day. $ETH sits near $2,238, also flat. Just $50 million was liquidated in 24 hours — down 70% from a day earlier. Fear & Greed is at 28 (Fear), up from 25.
My take: this is a stress test, and so far the market is passing it. A $16B action against a major exchange would have caused a panic sell-off in past cycles. Instead buyers keep defending $75,000, and Arkham spotted one entity buying about $228 million of $BTC . The weak hands already left during the week's $1.28 billion of ETF outflows — the worst week since June.
Levels to watch: support $75,000 and the 50-week average near $75,560. Resistance is $76,000 first — the trigger for renewed momentum — then $80,000. The 50-day average sits at $81,765, so a real recovery still has work to do.
Source: Cointelegraph / US Treasury (FinCEN)
Is the market finally learning to shrug off bad news — or is this the calm before a Monday move? What happens first: $80,000 or $70,000?
Follow for daily crypto updates.
#BitcoinRebounds$75KAsChipsLead #BTC #Crypto
Not financial advice.
