Bitcoin has new price targets in place that would be reckoned with as a cascade of liquidations takes the crypto markets all the way down. Due to the regulatory enforcement actions taken up by the United States Department of Justice, the largest global exchange- which is Binance- is in tune for a major fine. The CEO of the company, Changpeng Zhao, who is informally known as CZ, will be forced to leave his post and could also face some form of jail time. This is being considered as one of the biggest watershed moments for one of the biggest names in the crypto industry, and it goes without saying that markets have been reacting to this in volatile ways.
Bitcoin Could End Up Fluctuating On Its Price
According to James Van Straten, the bombshell dropped by Binance has put a complete end to boring and uneventful Bitcoin trading. In a reaction video, the data and research analyst at CryptoSlate, a crypto insights firm, warned that the volatility catalysts will keep on coming. This would partly be due to a giant $3.8 billion options open interest expiry event the day after the US Thanksgiving holiday- which would simply add fresh fuel to an already nervous environment in the market.
After a careful analysis of the order book composition, Material Indicators, an on-chain monitoring resource, has also predicted a Bitcoin slide quite close to $30,000. This had been predicted to a certain degree, with analysis arguing that the cryptocurrency had to retest the areas of big liquidity after its swift ascent to the 18-month high of around $38,000. A snapshot of the exchange after the Binance news would show bids that moved up the order book far closer to the spot price in order to halt the downside further.
