Cryptocurrency

Bitcoin drops after Binance Bomshell

Russell Shor Written by Russell Shor
  • BTCUSD
    (${instrument.percentChange}%)

Bitcoin declined yesterday by 4.57% following the shock news that Binance Holding's CEO Changpeng Zhao pled guilty to anti-money-laundering violations and will step down from the crypto exchange. Binance, which is owned by Zhao, has also pled guilty and will pay $4.3 billion in fines, with Zhao agreeing to pay $50 million. Moreover, Zhao may face an 18-month prison term as per federal guidelines.

Binance is the largest global marketplace for tokens in terms of trading activity. In addition to the $4.3 billion fine, the exchange has agreed to a five-year period of external oversight.

Bitcoin is currently trading near $36,500, off the November high of $37,980, with the RSI dropping towards 50 as the cryptocurrency's momentum wanes:

Source: www.tradingview.com

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Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

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