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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Bitcoin Slides 5% From Recent Highs Amidst Binance CFTC Probe Revelation

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
bitcoin binance cftc probe

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Created by industry experts and meticulously reviewed
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Bitcoin price just pulled back 5% from the now rejected retest of the asset’s current-standing all-time high. The leading cryptocurrency by market cap was struggling with resistance as it was, but news breaking that Binance is the focus of a CFTC probe caused the pullback to worsen sharply.

Here’s a brief breakdown of what’s going on in this developing situation, and what this could mean for the cryptocurrency’s ongoing uptrend.

Breaking: Commodity Futures Trading Commission Opens Investigation Into Binance

According to a breaking report circulating from Bloomberg News, leading cryptocurrency exchange Binance is the subject of an ongoing CFTC probe. The Commodity Futures Trading Commission is investigating if Binance served US customers, allowing them to trade cryptocurrency derivatives trading products that are in violation of US regulations.

Related Reading | Bitcoin “Cheat Sheet” Calls For Next Leg Up To $77K

The CFTC is among the chief regulatory enforcers in the United States, alongside the Securities and Exchange Commission, and have launched investigations into BitMEX and Tether in the past.

Binance commands a lion’s share of the total cryptocurrency market trading volume, and its footprint extends into CoinMarketCap, and just about everywhere else the industry touches. The significance of the breaking news caused Bitcoin to add to its now 5% pullback from recent highs.

bitcoin btc binance cftc probe

Bitcoin price has retraced by 5% so far, but could more downside be coming? | Source: BTCUSD on TradingView.com

Could Negative News Turn Sentiment And Derail The Bitcoin Bull Run?

Bitcoin price is undeniably overheated by most standards. Technicals have issued bearish divergences for months on end, overbought conditions are prominent on most timeframes, yet pullbacks have lasted only briefly as dip buyers scoop up BTC at whatever price they can get.

But with technicals this overheated, what could start as a small 5% correction on negative news could have a butterfly effect that causes a reset in price action and sentiment.

Related Reading | Bitcoin Could Close March With First Ever Quarterly Bear Signal

Bitcoin has gone nearly a full year in an uptrend with very little time spent correcting. On the anniversary of the catastrophic Black Thursday selloff, a certain panic could still be in the air that causes a domino effect and sends Bitcoin toppling further.

For now, support at $55,000 is holding, but losing it could cause another drop to $50,000 where support will need to hold, or risk a larger scale reversal.

Featured image from Deposit Photos, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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