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BINANCE & COINBASE: Crypto Shares Tumble as SEC Lawsuit Ripples Through Industry

Posted on June 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

***

***

The Securities and Exchange Commission sued cryptocurrency platform Coinbase today, charging the company with operating an unregistered securities platform and brokerage service. The lawsuit comes a day after the SEC filed charges against Binance, below.

***

Cryptocurrencies and shares in crypto and blockchain-related companies tumbled yesterday after the U.S. securities regulator sued crypto exchange Binance, another blow to the industry. The U.S. Securities and Exchange Commission sued Binance and its CEO Changpeng Zhao for secretly controlling Binance.US as part of a “web of deception” to evade U.S. laws, among other charges. Reuters earlier reported that Binance controlled its US affiliate’s bank accounts, despite claiming it was independent.

The SEC also said Binance artificially inflated trading volumes on the platform, diverted customer funds and failed to restrict U.S. customers from its platform and misled investors about market surveillance controls.

Bitcoin, the world’s biggest cryptocurrency was down 5.45% after falling to its lowest level since mid-March following the news. Binance’s cryptocurrency fell 9.72%.

***

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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Information Technology, Investing | Tagged: binance, binance tumbles, Changpeng Zhao, coinbase, crypto, crypto-currency, lawsuit, SEC | Leave a comment »

DAILY UPDATE: D-Day, AIDS, Guns, SARS CoV-2, Mpox and the Markets

Posted on June 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

***

***

The Normandy landings were the landing operations and associated airborne operations on Tuesday, 6th June 1944 of the Allied invasion of Normandy in Operation Overlord during World War II. Code-named Operation Neptune and often referred to as D-Day, it was the largest seaborne invasion in history.

***

It has also been 42 years since the CDC first reported on AIDS in the US, describing five Los Angeles-area patients with Pneumocystis jiroveci pneumonia. Today about 1.2 million people in the US live with HIV, the virus that causes AIDS, a condition that’s considered chronic but not necessarily fatal. Still, US leaders want to end the HIV epidemic by 2030.

Advocates are calling for gun violence to be considered as an “adverse childhood experience.”

There are high concentrations of SARS-CoV-2 in New York City’s wastewater.

Chicago health officials still recommend exercising caution over Mpox in the year following a major outbreak.

***

With the drama of earnings season, the debt ceiling battle, and last Friday’s crucial jobs report in the rear-view mirror, Wall Street enters the week seeking new catalysts.

The S&P 500 Index (SPX) starts the week on the cusp of a new bull market. A close of 4,292 or above would represent approximately a 20% gain from the 2022 low close of 3,577 posted last October 12. A 20% gain from the bottom represents a new bull market. That said, the SPX is still down about 11% from its all-time high close of 4,796 posted January 3, 2022.

You may recall a strong rally last summer. But the 17% rally that lasted from mid-June 2022 through mid-August 2022 lifted the SPX just 17%—not enough to put it into bull market territory.

The 10-year Treasury note yield ($TNX) was down slightly to 3.68%. The U.S. Dollar Index ($DXY) is up slightly to 104.29. The Cboe Volatility Index® ($VIX) has been in positive territory all day today and was last seen up by 0.27 to 14.87. WTI Crude Oil (/CL) is up to $73.22 per barrel after Saudi Arabia said it would cut production.

Gold prices have traded in a range of $1,953.80 to $1,978.00 and were last seen trading higher by 0.17% to $1,973.00.

Natural Gas prices have traded in a range of $2.184-2.2301 so far today and were last seen trading higher by $0.077 (or + 3.55%) to $2.249/MMBtu.

***

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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Alternative Investments, Financial Planning, Funding Basics, Investing | Tagged: AIDS, barrel oil, CBOE, Cov-2, crude oil, D-Day, DJIA, DOW, gold, markets, Mpox, NASDAQ, natural gas, Normandy, oil, S*P 500, SARS, Treasury yields, US Dollar, Volatility Index, WTI | Leave a comment »

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