SEC sues Binance Holding and Chairman Zhao. Bitcoin dips.

The U.S. SEC has filed 13 charges against Binance, the largest global cryptocurrency exchange, and its founder, Changpeng Zhao. Binance is the largest crypto exchange.

Binance is accused of mishandling customer funds, lying to regulators, and misleading investors about its operational safeguards. The SEC alleges that Binance mixed billions of dollars in customer funds and secretly transferred them to a separate company controlled by Zhao.

This action follows a similar case by the Commodities Futures Trading Commission against Binance and Zhao, highlighting a broader regulatory clampdown in the crypto trading sector.

The price of Bitcoin Bitcoin Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Read this Term has trading back below its 100 day moving average Moving average A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot Read this Term at $27,019. The price currently trades at $26,455 just above the low for the day $26,398. The price is also trading away from the 38.2% retracement of the move up from the March 2023 low. The level comes in at $26,655.

The next downside targets - on further downside momentum - comes against the May 25 low at $25,878 and below that the May 12 low at $25,800. Below that and the 50% midpoint of the move up from the March low comes in at $23,949.