Crypto markets were awash in red earlier this morning after Bloomberg reported that the Justice Department planned to announce “separate but related cryptocurrency enforcement actions” in a press conference this afternoon. Bitcoin, Ethereum, and other major cryptocurrencies have since recovered following subsequent reports that the enforcement actions will focus on Binance, the world’s largest crypto exchange by volume. The U.S. Department of Justice will provide details of the charges and settlement in a press conference today scheduled for 3 p.m. ET, according to Bloomberg.
The dueling reports sent crypto assets on a wild ride this morning. Bitcoin and Ethereum have both seen a drop in the past day, with Bitcoin trading at around $37,000 and Ethereum at $1,988. Meme coins such as Dogecoin and Shiba Inu have also seen significant losses of up to 7%. Meanwhile, Solana has taken a 7% dive as its price was pared back to $55.22 at the time of writing.
The Justice Department announcement is expected to provide clarity on their enforcement actions, as well as provide details on a potential settlement with Binance that could result in a federal indictment being filed against CEO Changepeng Zhao and other management. This news has caused a roller coaster of reactions in the crypto markets and investors are urged to stay informed and up-to-date. #Crypto #JusticeDepartment #Binance #Bitcoin #Ethereum
You can read more about this topic here: Decrypt: Bitcoin Bounces as DOJ Preps to Make Binance Settlement Official