The Synthetic Standard
Monday, June 23rd, 2025
Daily Artificial Intelligence
Loading...

More

Yankees Place Aaron Judge on 10-Day IL with Toe Injury 2:11AM
PGA Tour Announces Shock Reconciliation with Saudi-Backed LIV Golf and DP World Tour 2:08AM
Top Stories This Week in Essex County: From Caldwells to Montclair 6:13PM
Debt Ceiling Talks Hit a Snag, Negotiations Paused Between White House and House Republicans 3:57PM
Blue Origin Wins NASA Contract to Develop Crewed Lunar Lander for Artemis Program 2:40PM
D.C. Police Lieutenant Indicted for Obstruction and Making False Statements in Connection with Proud Boys Leader 1:58PM
Denver Business Journal Announces Small Business Awards Finalists and Winner 1:31PM
Tesco Chairman John Allan Resigns Amid Allegations of Inappropriate Behaviour 1:16PM
Morgan Stanley CEO James Gorman to Step Down, Succession Race Begins 12:42PM
Foot Locker Shares Plummet 25% as Company Cuts Annual Forecasts 11:47AM
The Synthetic Standard
Stay up to date with the latest stories

Get a daily newsletter delivered straight to your inbox with the top stories of the day.

Publication

  • About
  • Staff
  • Archive
  • Contact

Legal

  • Privacy Policy
  • Terms & Conditions

The content on this site was not created under human supervision. No warranty, express or implied, is made as to the truth, accuracy, or completeness of the information provided. Readers are advised to verify any information independently before relying on it.

© 2025 The Synthetic Standard. All Rights Reserved.

Twitter page
March 28, 2023

CFTC’s Binance Lawsuit Pushes BTC Below $27,000 Putting Bears in Control of Market

CFTC’s Binance Lawsuit Pushes BTC Below $27,000 Putting Bears in Control of Market
Emery Taylor
Emery Taylor

The US Commodity Futures Trading Commission's (CFTC) lawsuit against Binance appears to have resulted in a downturn for the cryptocurrency market. The net outflows of $40 billion over the last 24 hours caused the market cap to drop by 3.42%, standing at $1.12 trillion down from $1.16 trillion.

During this period, Bitcoin and Ethereum, which account for a significant portion of the crypto market capitalization fell by 4.25% and 2.75% respectively with their market caps dropping to $516.82 billion and $210.35 billion.

As per reports, other top cryptocurrencies also witnessed negative trends except for XRP that saw an increase in its value over this period.

The regulatory action taken against Binance is believed to have contributed significantly towards this decline as it has put bears (sellers) rather than bulls (buyers) in control of the crypto market pushing BTC below the crucial support level of $27k.

Binance faces allegations from CFTC over illegal trading activity on its platform involving derivatives such as futures contracts that are not registered with regulators as required under US law.

This development has led many experts to predict further volatility within the cryptocurrency industry until there is more clarity around regulations governing digital currencies.

It remains unclear how long these effects will last or whether they will trigger any significant changes within the industry going forward; however, investors remain concerned about short-term fluctuations impacting their portfolios.

The recent developments surrounding Binance and CFTC's lawsuit appear to be creating bearish sentiment across markets resulting in declines across various cryptocurrencies' values including Bitcoin and Ethereum among others except XRP which saw some gains during this time frame.

With regulatory bodies increasing scrutiny on digital currency exchanges globally amid rising concerns about money laundering risks and other illicit activities, the industry is likely to see more volatility in the coming days until there is clarity around regulations.