Banking crisis continues
The banking circus in the U.S. continues. Despite the titanic efforts of the federal government, the situation is gradually worsening.
This time, Wells Fargo, the 4th largest bank in the U.S., is already under attack. Progress is evident in this plan; the fire is gradually spreading to larger structures, for the rescue of which astronomical sums are already needed.
Wells Fargo this week limited cash withdrawals to $1,000 a day. The bank is trying to do something to block ordinary depositors from withdrawing (rescuing?) their money.
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Every day, there are more reports about the sale of the top altcoins, previously listed by the SEC.
Three of them — Cardano (ADA), Solana (SOL), and Polygon (MATIC) — toppled by around 29% each during the past seven-day span following the regulatory bombshells, according to CoinGecko data.
And while some analysts are predicting the beginning of their rebound after the panic sell-off ends, so far we see continued selling and pressure on the market. As an example, we can see another sell-off and closing of positions by an investment fund:
- BlockTower Capital transferred 1.81 million #ARB to Coinbase. The investment fund is closing its position at a loss in a rush to get rid of the controversial crypto assets.
- Following Robinhood, Etoro plans to delist #ALGO, #MANA, #DASH, and #MATIC in the coming days.
Fact of the Day
Yesterday, we saw the biggest drop in the crypto markets in 2023:
Good and bad news from Binance
- The bad news. A former top SEC official, John Reed Stark, believes that the US Justice Department will or already has filed criminal charges against Binance. According to his information, the biggest blow to Binance is ahead.
The SEC and CFTC are not specifically charging Binance with money laundering and have left that up to the Attorney General’s Office at the Department of Justice, which will pursue criminal charges rather than civil ones.
- The good news. Binance’s net inflows in the last 24 hours topped $477 million. This is the first good day for Binance’s balance sheet in 7 days.
The secret $SOL clone and the fall of $BNB
A Solana community representative is gathering votes for a fork of the original altcoin (an unofficial initiative). According to his plan, by changing the ticket, they will be able to hide from the SEC’s radar, and the new asset will be able to grow rapidly without regulatory pressure. The plan is equally bold as it is ridiculous (your choice).
If you don’t like the idea of a $SOL clone, the alternative is to short BNB — if the inside story from John Reed Stark is correct, a major blow to Binance is coming. Criminal prosecution for money laundering is a very serious charge that will allow the prosecution of Binance around the world. So far, only important technical news has stopped BNB’s continued fall — BNBChain has successfully launched Fast Finality, a major update for this blockchain.