Bitcoin price holds its ground in the wake of CFTC case against Binance
BTC options and derivatives markets seem unfazed by the CFTC’s recent action against Binance, but is that a good or a bad sign? The price of Bitcoin (BTC) fell 3.6% to $26,900 after Binance and CEO Changpeng "CZ" Zhao were sued by the United States Commodity Futures Trading Commission (CFTC) on March 27. To date, Binance has been investigated by the CFTC, the US Securities and Exchange Commission (SEC), the Internal Revenue Service and federal prosecutors. The Bitcoin price correction may have been limited due to Silicon Valley bank’s successful asset sale to First Citizens BancShares at a $16.5 billion discount, which received an extraordinary credit line from the Federal Deposit Insurance Corporation (FDIC) to compensate for potential future losses. Oil prices also increased by 5% on March 27 after Russian President Vladimir Putin escalated geopolitical tensions in Europe. According to Yahoo!Finance, Russia plans to station tactical nuclear weapons in neighboring Belarus, ...