🙏 Binance US delists 41 trading pairs from its platform

Hello there! Welcome to Coinsauce's Roundup🗞️, your daily stop for all things crypto! Subscribe to our newsletter and stay in the loop with the latest happenings in crypto delivered straight to your inbox. Let's jump right into today's top stories.

Trending over the past 24 hours 👇️ 

1. 🎐 From bad to worse - Eurozone officially enters a recession.

2.  🌊 Regulatory tsunami -SEC has so far declared over 67 tokens as securities.

3. 🩸 The aftermath - Binance US delists 41 trading pairs from its platform after SEC lawsuit

Macro headwinds continue 🔻 

In some worrisome news from the macro end, Eurozone has officially slipped into a recession by showing two consecutive quarters of negative growth in real GDP. The downtrend was confirmed as the region's GDP dipped by 0.1% in the first quarter of 2023, following a similar decline in the previous quarter of Q4, 2022 😥 

Not more than a fortnight ago, Germany, Eurozone’s largest economy, also entered a technical recession, shrinking by 0.3% in the first three months of the year.

As far as other member states were concerned, Poland registered the highest GDP increase (+3.8%), followed by Luxembourg (+2.0%) and Portugal (+1.6%). On the other hand, the highest dips were observed in Ireland (-4.6%) and Lithuania (-2.1%) as compared to the previous quarter 🔻 

As the harsh reality of unlimited money printing is starting to hit governments worldwide, policymakers have a steep road ahead, finding themselves picking their poison by either allowing inflation to run or letting their economies slip into recession.

SEC V/S Crypto 🔴 

With its latest suits against Binance and Coinbase, the SEC has now labelled at most minuscule 67 cryptocurrencies as securities, affecting at least $100 billion worth of tokens on the market. 19 out of these 67 tokens included in the latest two lawsuits… 👇️ 

The remaining tokens accused of being security come from years of various litigation undertaken by the SEC against multiple projects. The complete list can be found in the tweet below 👇️ 

As regulatory scrutiny keeps intensifying across the crypto-verse, altcoins are expected to get wrecked for a bit longer, and we hope for sectoral rotation of money back into BTC, as it is probably the only crypto not deemed to be a security for sure by the SEC. We advise our readers to plan their investments carefully, considering the intensity of the regulatory onslaught we are likely to see in the short term.

The Binance saga continues 🔻 

It looks like Binance can’t catch a break! Just 2 days after the SEC formally sued Binance for alleged unregistered securities operations, a United States district court in Washington, D.C. issued a summons for Binance CEO Changpeng Zhao.

While details are scarce now, it is known that CZ won’t necessarily have to appear in person. However, he is legally required to respond to the summons once served.

The aftermath of the lawsuit is already being seen, as Binance US announced that it was delisting over 41 trading pairs from their platform 👇️ 

The crypto world has been rattled once again, with the market dipping on a massive bearish slide and the cumulative liquidation figure topping $320 million. Bitcoin is down ~3% on the day at the time of writing 📉 

We urge our readers to manage their risks effectively and keep cash in hand to explore any buying opportunities should any significant dips occur. Remember, Bitcoin is not a security, and thus could likely gain/reclaim dominance again in the crypto-verse due to all these regulations! Stay safe, trade well, and don’t panic!

Meme of the day

SEC’s lawsuit against Coinbase wrapped up in 1 sentence 😂 

And with that, we wrap up today’s edition of Coinsaice Daily! We hope you enjoyed the highlights and memes. Subscribe to our newsletter and follow us on Instagram for more valuable insights and updates. Until next time, keep bitcoining❗️ 

Disclaimer: This newsletter is educational and does not constitute financial advice. You must exercise caution and conduct your research before making any financial decisions.