BTC at Risk of Sub-$25,000 on SEC Move Against Binance
Following the SEC-driven sell-off on Monday, US lawmakers will bring attention to BTC with a hearing on Capitol Hill.

Bitcoin (BTC) fell by 5.15% on Monday. BTC finished the day at $25,730, reversing a gain of 0.18% from the previous day. Significantly, for the first time since March 16 BTC finished the day below $26,000.
After a positive morning, BTC climbed to a high of $27,136. BTC fell to a low point in the early evening of $25,391, failing to test the First Major Resistance Level (R1) at $27,411. BTC fell through the Major Support Levels during the sell-off and finished the day at $25,730.
Bets for a Fed interest rate increase are overshadowed in the US by regulators.
The start of the week was busy. Investors had greater justification to wager on a Fed pause in June thanks to US economic figures. In May, the crucial ISM Non-Manufacturing PMI dropped from 51.9 to 50.3 compared to a predicted 51.8. The ISM Non-Manufacturing Employment Index decreased from 50.8 to 49.2, and the ISM Non-Manufacturing Prices Index decreased from 59.6 to 56.2.
In response to the ISM data, investors reduced their expectations for an interest rate increase in June. The likelihood of a 25-basis point interest rate increase in June decreased from 25.3% to 21.2% on Monday compared to 64.2% one week earlier, per the CME FedWatch Tool.
The news that US officials were prosecuting Binance and its CEO CZ sent Bitcoin and the cryptocurrency market into a spiral even though the ISM report provided minimal price support. Thirteen allegations were brought by the SEC against Binance, CZ, and Binance US.
Charges include misrepresenting trading controls and oversight on the Binance.US platform as well as making unregistered offers and sales of securities.
Gary Gensler, the chair of the SEC, stated, "Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of law."
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