The Daily Crypto News covered the recent market crash caused by forced liquidations on Binance due to Australian users being incorrectly classified as wholesale investors. The market fell by around 1500 on Bitcoin, but analysts noted it could be a buying opportunity if prices stayed down. While Bitcoin is showing some weakness, the focus is on the 25,000 per Bitcoin level, with analysts expecting it to rebound. Other topics covered included the IMF advising against legal tender status for crypto, and Ripple’s cross-chain bridge proposal for interoperability. A government watchdog showed support for public access to William Hitman documents in the Ripple case.
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Introduction
Hey guys, what is up? It’s Dusty here and welcome back to another episode of The Daily Crypto News. Today we have a lot of crypto news to cover. The situation in the market has been interesting lately.
Binance Debacle
One of the craziest pieces of news is what happened to Binance yesterday. The entire market crashed a little bit because of forced liquidations on Binance for the Australian pairs. The main reason for this was that some Australian users were incorrectly classified as wholesale investors over on Binance.
Bitcoin’s Price Movement
Looking at it right now, Bitcoin is still at 23.8k, and I think it fell as low as 23.4k, but many expect it to bounce right back, which it didn’t. Even though things are not looking as bullish as before, because we’ve fallen out a couple of times from 25k, it’s showing a little bit of weakness. Nonetheless, I think that this move towards the downside was forced mostly by Binance big numbers, and I do believe it’s going to rebound off of 25k.
IMF and BIS
The IMF has unveiled a crypto plan advising against legal tender status. On the other hand, the global lender recommends countries to craft crypto policies that safeguard monetary sovereignty and stability. I think it is 50-50. Screw the IMF for the way in which they approach things for advising against legal tender status, but I’m pro-IMF for saying craft crypto policies to safeguard monetary sovereignty and stability.
Ripple and XRP
There’s some news regarding xrp and Ripple, as Forbe’s contributor wrote a motion to intervene to get more information regarding the William Hitman documents in the Ripple case. On the other hand, XRP sees extra bullish prospects as developers reveal a cross-chain bridge to drive interoperability. This allows for more interoperability and expansion towards the main frame.
Conclusion
In conclusion, the world of crypto is ever-evolving, and there’s always something new and exciting to cover. It’s important to stay updated on the latest crypto news to make informed investment decisions.
