Opinion: Where will Bitcoin stand in a few months if the Justice Department indicts Binance executives? Here are some possibilities.
from levying their own charges against Binance, which in part accused the exchange and its founder, Changpeng “CZ” Zhao, of allowing Americans to use products they are prohibited from accessing and of manipulating trading volume with a market-maker called Sigma Chain that Zhao “owned and controlled.”$7 billion in trading volume over the preceding 24-hour period. Coinbase facilitated a relatively paltry $970 million, while KuCoin — another well-known exchange — fell short of $350 million.
It will be a big blow to the market. There will likely be an asset drain from Binance, and this will greatly damage the exchange’s image globally. This will affect the price of Bitcoin and the entire system of assets on BNB Chain. There will likely be a new crash similar to what happened with Terra, with several investors withdrawing assets in protocol staking on BNB Chain, withdrawing assets from Binance and in exchange-related products such as PancakeSwap.
But these shockwaves aren’t just disruptive; they foster growth and transformation, reinforcing the industry’s values, unearthing its concealed resources, and nurturing sustainability and positive change. Amid challenges, the blockchain sector emerges stronger, fortified by its ability to embrace improvements and navigate vulnerabilities. And so does Bitcoin.
In my opinion, Tether remains the most significant risk for the ecosystem, as there’s literally zero use for a stablecoin without fiat gateways .No idea. Seriously. I always bet on prices staying the same for zero to six months. My guess is that an ETF approval could cause between 50% and 130% gains in two months, so if we start at $30,000, we could get to $69,000.
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