Binance CEO CZ Responds to Latest News on Fear, Uncertainty and Doubt (FUD)
While Binance CEO CZ has not commented on the ongoing SEC case, CZ responded to recent news about departures at the management level. CZ had this for say on the departure of Brian Shroder,
โThere has been some speculation regarding the recent management changes at Binance US. Brian Shroder is taking a well-deserved break after achieving what he set out to do when he joined two years ago. Under his leadership, Binance.US raised capital, improved product and service offerings, solidified internal processes, and gained significant market share.โ
CZ added:
โThe cryptocurrency market is now in a different place than it was two years ago, with a rapidly evolving and increasingly hostile regulatory environment. Norman Reed, former executive at the SEC, New York Fed, Ripple, and DTCC, is the right person to lead Binance US in this market. He ignores FUD. Keep building.โ
Cryptocurrency Investors Show Resilience Amid SEC Backlash
The cryptocurrency market is aiming to end a four-week losing streak unless an adverse crypto event triggers a sell-off over the weekend. This week, the total crypto market capitalization increased by 2.54% to $1.042 trillion.
BTC is outperforming the broader market: it is up 3.03% over the current week, while ETH is up 1.62%.
Technical analysis
bitcoin analysis
The $26,755 resistance level continues to reject a btc move towards the 200 and 50 day EMAs. However, a BTC break above the $26,755 resistance level would support a BTC move towards the 200 and 50-day EMAs.
BTC is likely to face further selling pressure at the 200-day EMA, with the 50-day EMA converging with the 200-day EMA.
A bearish crossover from the 50-day EMA through the 200-day EMA would send BTC towards the $25,506 support level.
News and Updates Related to BTC Spot ETFs and the SEC Ongoing cases against Ripple and Coinbase (CURRENCY) are likely to influence investor sentiment.
The 14-day RSI reading of 52.28 indicates a move of BTC towards the 200-day EMA before entering overbought territory.
