Bitcoin Price Prediction as Binance.US Loses Licenses Across States – What’s Next for BTC?
Bitcoin, the world’s leading cryptocurrency, struggled to maintain its recent mild upward trend, peaking at $66,180 but turning bearish around $64,700 and dropping to an intraday low of $64,300.
This downward movement is likely linked to the news that Binance.US lost its money transmitter licenses in multiple states, including North Dakota. This development creates uncertainty and reduces confidence among traders and investors in the cryptocurrency market, leading to selling pressure on Bitcoin and other cryptocurrencies.
Binance.US, operating independently from Binance.com since 2019, has lost its money transmitter license in seven states, most recently in North Dakota. Other states include Alaska, Florida, Maine, North Carolina, and Oregon, all citing failure to meet licensing requirements and protect citizens from unlawful practices.
Despite being a separate entity, Binance.US shares branding and software with Binance.com, linked to former CEO Changpeng Zhao, who faces legal issues. The US arm has paused new user sign-ups in several states and lacks licenses in key markets like New York and Texas. This broader regulatory scrutiny significantly impacts its operations.
The loss of licenses in multiple states may affect investor confidence, leading to short-term volatility in Bitcoin prices due to concerns about regulatory crackdowns on cryptocurrency exchanges.
Key Points:
The German government has been actively transferring a substantial amount of Bitcoin to major cryptocurrency exchanges. Recently, they moved 1,500 BTC, following earlier transfers of 500 BTC each to Kraken and Bitstamp, and 200 BTC to Coinbase. These activities have been noted by Arkham Intelligence, a blockchain data analysis firm, suggesting a possible
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