Binance US Avoids Asset Freeze, Damus Faces iOS Removal Over Bitcoin Tipping

Name: FS Insight
Price range: $$$

Jun 14, 2023

Market Update Today’s busy news day kicked off earlier this morning with the release of the latest Producer Price Index. Data came in below expectations at MoM and YoY, likely cementing a pause in interest rate hikes at today’s FOMC meeting. Traditional indices are up slightly in anticipation of the 2:00 PM decision, with the $SPY (+0.27%) and $QQQ (+0.31%) at 2023 highs. $BTC (+0.29%) and $ETH (+0.15%) are rising in a similar fashion, while altcoins are mixed. Bitcoin and Ethereum dominance has risen to 69.5% of the total crypto market cap, the highest level since September 2020. The deterioration of altcoins can be attributed to the lack of regulatory clarity and a flight into BTC & ETH, which are generally seen as commodities versus securities.Last week, the SEC submitted a restraining order to freeze all Binance U.S.’s assets as a part of their current lawsuits against Binance. The restraining order stemmed from claims that Binance CEO Changpeng Zhao (CZ) formerly had access to U.S. customers’ funds. Late yesterday afternoon, a U.S. judge deferred on a ruling, deciding that an asset freeze would “create significant consequences not only for the company but for the digital asset markets in general.” Instead, the SEC and Binance have been directed to work together

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