Unfolding of a Crypto Crisis
Today, at 4:00 (UTC 0), an unprecedented event unfolded in the crypto market. Almost 90% of cryptocurrencies witnessed a sharp decline in value, triggered by the aggressive stance of the U.S. Securities and Exchange Commission (SEC) towards cryptocurrencies, particularly BinanceUS.
Doesn’t this raise a question about the motives of those at the SEC? Are they manipulating the price by enforcing legislation that, in fact, isn’t wholly adapted for cryptocurrencies? They certainly knew the impact such news would have on the market, and how prices would spiral downwards. Potentially, this knowledge could have been used to create multiple short positions through proxy companies.
Political Interference in Crypto Markets
While on the surface, it seems that the SEC is protecting American citizens from fraud, is this really the case? There haven’t been any recorded instances of fraud or client fund mishandling from either Binance or Coinbase. Conversely, the SEC’s actions seem to primarily affect the U.S. citizens – contradicting the principles of democracy and freedom.
Are the American people not seeing how their own government is trying to control their financial freedom?
Following the latest news from the SEC, BinanceUS has been forced to suspend USD deposits and halt all USD withdrawals in USA. The last withdrawal date is June 13, 2023. Should we panic?
The Intrinsic Freedom of Cryptocurrencies
While the SEC can prohibit banks from working with crypto exchanges and restrict USD withdrawals, it cannot limit the inherent freedom of cryptocurrencies. Cryptocurrencies might be vulnerable to price manipulation in relation to USD, but they are impervious to total control.
Our advice to U.S. citizens is this: don’t sell your cryptocurrencies. It’s exactly what the SEC and the U.S. government want. They’ve fueled your fear, hoping you’ll panic, sell your crypto assets, and quickly convert everything into USD. This panic is causing prices to drop. Don’t fall for their manipulation! Hold your crypto assets. You can always transfer them to another exchange and convert them into USD. Why sell everything at the lowest price?
The Ripple Effect of SEC’s Action on Bitcoin
Many times, U.S. citizens have been subjected to panic created by government institutions and bankers. The same is happening now. But how significantly has this situation impacted Bitcoin? Despite numerous false news stories about Bitcoin’s death, it has only dropped by 3.5%, which is relatively insignificant for cryptocurrency.
Remember, BinanceUS users only constitute 3.57% of Binance Global users, which means that the U.S. accounts for only 13% of the global crypto market, with 8% being corporations and just 5% being private clients.
We, at CryptoUpdate.io, urge everyone to stay calm, avoid panic, resist manipulation, refrain from selling crypto assets for USD, and avoid withdrawing USD into bank accounts. Think about this, and let’s strive for financial freedom and freedom from underhand manipulation together. Cryptocurrency is the key to this!
