The SEC's legal action against Binance has created ripples across the crypto market, impacting the dynamics of the BTC/USD trading pair.
The U.S. Securities and Exchange Commission’s legal action against Binance has created ripples across the broader crypto market, adversely impacting the dynamics of the highly popular BTC/USD trading pair.
After the regulator’s attempts at freezing Binance.US assets, BTC started to trade at an unusually high premium on the exchange. This was largely due to shrinking liquidity on the platform as jittery investors started to pull their assets out.by Binance.US, disallowing customers to trade using USD, had a different effect on the trading pair. After the exchange asked users to withdraw their dollars before the 13 June cutoff date, a selling wave ensued as traders rushed to cash out their BTC.
Infact, the above action clearly explained the low BTC withdrawals following Binance.US announcement.
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