• The recent regulatory actions taken against Binance US and Coinbase has caused the US Bitcoin supply dominance to decline by 11%.
• Recent data from Glassnode reveals that the influence of the U.S. market on Bitcoin has declined significantly, while Asian markets have seen an increase in supply dominance.
• Binance US has informed its users about the suspension of certain services and USD deposits, leading to a further decline in Bitcoin supply in the United States.
Decrease In US Bitcoin Supply
The recent legal action taken against Binance US and Coinbase and the classification of certain crypto assets has left Bitcoin and other cryptocurrency holders wondering about the potential outcome. Data from Glassnode shows that since mid-2022, the U.S.’s BTC supply dominance dropped by 11%, while European markets remained relatively neutral and Asian markets saw an increase in supply dominance.
Suspension of Certain Services
In a recent announcement on June 9, Binance US informed its users about the impact of the SEC’s crackdown, which has led to the suspension of certain services. As stated in their post, they are temporarily halting USD deposits due to pressure from banking partners who are preparing to pause withdrawal channels for fiat (USD) as early as June 13th 2023. This could lead to a further decrease in Bitcoin’s availability within the United States‘ market.
Impact On Price
BTC currently trades at around $26,700 with less than 1% gain as it sees a decrease in its U.S.-based supply. The effects this could have on BTC’s price is still uncertain; however, many speculate that it will have some sort of negative impact given its current situation within both national regulations and general market trends.
Market Reactions
As these developments occur within different regions around the globe, investors are left with few options but to wait for more information or take their own precautions when trading BTC or any other cryptocurrencies during this time period due to increased volatility and uncertainty within global markets affected by cryptocurrency regulations.
Conclusion
Overall, it is important for all traders and investors to remain vigilant when trading cryptocurrencies due to increasing uncertainty surrounding government regulation across different regions globally – especially during times such as these where major players like Binance must adapt accordingly given changes imposed by regulatory bodies like The SEC.