The latest SEC lawsuit against Binance has caused a massive market crash, with BNB suffering the most, going as low as $233, the lowest it has ever been in 2023. Bitcoin has also suffered great losses, but it's not as bad as BNB, which hasn't stopped falling since the incident started and got progressively worse for altcoins when the SEC labeled 46 of them as securities to be avoided at all costs. Some of which include BNB, XRP, BUSD, MANA, and plenty of others. Personally, I believe that the condition is starting to become worrying, especially if Binance loses and there's no settlement, which would also have disastrous consequences for the market in general.
The most worrying of all is BNB, which is in freefall and its future might be doomed if no solution is found. What's your take on this? Do you think that a solution will be found to avoid any further losses, or are governments on their way of winning the war against cryptocurrencies?
Yes, I think it's BNB that are going to hit big because it is the native token that is being used by Binance so I'm not surprised by it. And then there will be others who have been mentioned in the lawsuit as well.
However, for me this is just a temporary setback for the altcoin market. We all know that next year we will have a bull run so I don't think just because there is a SEC lawsuit against big exchange means that this will go on till next year. On the other hand, this is a great opportunity to continue to stack those coins that is going on the downside right now. And then just wait for next year, as it might give everyone a good profits and then thank SEC later for their lawsuit because the price is cheap right now.