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The US SEC sued Binance and its CEO Changpeng Zhao (CZ) for violating the securities law. Consequently, bitcoin (BTC) dropped by over 3% as the marketwide bearish FUD rose.
Bitcoin has been tumbling since early May. With the current bearish sentiment, its price has fallen from the crucial $26,000 mark.
BTC is down by 3.8% in the past 24 hours from the $27,000 mark and trading at around $25,780 at the time of writing. However, bitcoin’s 24-hour trading volume has risen by 75% and currently stands at over $20 billion.
Glassnode data also shows that Bitcoin’s median transaction volume has risen nonetheless. The volume reached $75.17, marking a one-month high.
📈 #Bitcoin $BTC Median Transaction Volume (change-adjusted) (7d MA) just reached a 1-month high of $75.17
— glassnode alerts (@glassnodealerts) June 6, 2023
View metric:https://t.co/k2Un2H1Y3v pic.twitter.com/jZE7OU4H5s
Following the SEC filing, Binance immediately witnessed a net outflow of over $69 million in almost an hour.
Moreover, the crypto Twitter has been showing its support for Binance since the news about the exchange emerged. According to a poll by CZ asking “who protects you more,” more than 85% of almost 100,000 have voted for Binance against the SEC.
Who protects you more?
— CZ 🔶 Binance (@cz_binance) June 6, 2023
Some users have even mocked the SEC with memes showing that the regulator didn’t do anything about the previous bankruptcies such as the FTX, Celsius, and Terra.
This is how the SEC has protected investors over the years pic.twitter.com/eli7ooMann
— Wise Advice By Sumit Kapoor (@sumitkapoor16) June 6, 2023