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?
I don't think there's anything wrong with the crash, Binance is on fire right now after all. Bitcoin luckily not dropping down after all that Binance news is good, it means market isn't dumb enough again like in the FTX issue.
As for the issue itself, It's mostly the SEC having some problems with Binance no? Same with Coinbase. I think most people are just overreacting imo, it shouldn't really impact crypto in the long run. Binance getting hit? Then they'd simply be replaced, simple as that. The solution would simply be to fix whatever the SEC is trying to attack, in this case, I think it was mingling with user funds and registration for SEC? Might be more but idk, if Binance can't answer the allegations, then they go under. If they can, then things would continue as is.