Rising Community: Court Approval to Freeze US Assets of Coin An "Pending Confirmation" Bitcoin Falls Nearly 26000

On Thursday (June 8th) in the Asian market, Bitcoin's short-term momentum remained volatile and downward, with the currency price dropping to $26338. The US media reported overnight that the List of courts of the United States had approved the freezing of US assets, but it was later changed to "to be confirmed", and the official did not provide further information updates

On Thursday (June 8th) in the Asian market, Bitcoin's short-term momentum remained volatile and downward, with the currency price dropping to $26338. The US media reported overnight that the List of courts of the United States had approved the freezing of US assets, but it was later changed to "to be confirmed", and the official did not provide further information updates. Coin An issued a StrongTogether industry solidarity declaration, refuting allegations from the US Securities and Exchange Commission, emphasizing that it has not misappropriated customer assets and has no debt.

CoinGraph reported on Wednesday evening that the court had officially authorized the freezing of BAMManagement and BAMTrading assets. Although the assets of Binance. US were not authorized to be frozen, the court also ordered that Binance. US should return all Fiat money and Cryptocurrency held in the account to its customers within 10 days, which would completely strangle the normal operation of the company.

However, seeking information from the US side has not been confirmed, and further positive announcements from the US judicial authorities are still needed.

Investors are now most worried that the litigation will affect the Minan platform (Binance.com) outside of Minan America. Changpeng Zhao, CEO, also issued a statement earlier saying: "It is clarified that if the court approves, the asset freeze will only affect Minan America. Minan is not affected, and user assets are safe."

The United States of America issued a statement saying that the user's assets are safe, the platform will continue to operate fully, the function of deposit and withdrawal is normal, and the temporary Injunction submitted by the CSRC is groundless, more to give the staff of the CSRC an advantage in litigation than to really care about the safety of the customer's assets.

The company emphasized that despite submitting information to the SEC staff to ensure the safety of customer assets, the SEC staff still decided to file a false attachment motion. Coin An USA is disappointed with this action and will do its best to defend itself in court.

In addition to Changpeng Zhao's appeal to the crypto community not to create panic (FUD), the officials of Coin Security also issued a document on Wednesday evening calling on the community to unite and overcome the current difficulties. The transaction is titled 'WeAreDifferent' and refutes multiple accusations made by the US Securities and Exchange Commission against Coin An, stating that it will continue to provide ongoing BUILD for users.

"Our wallet address is open and transparent, we do not misappropriate customer assets, we do not have unsecured loans, we do not have large Political finance, we do not have large-scale sponsorship of media, our communities come from different races, nationalities and beliefs, and we are united by a common vision."

In the official Chinese channel of King'an, King'an starts with # StrongTogether. At the end of the declaration, it is more likely to allude to the bankrupt Cryptocurrency exchange FTX, indicating that King'an is different from their approach: "We will continue to BUILD for our users, we will stand up for the industry, we are different from XXX, and we are King'an."

Since being sued by the US Securities and Exchange Commission, Coin An has been facing a serious problem of user asset loss in a short period of time. A total of $2.2 billion in customer assets flowed out within 9 hours of the announcement. Although there has been some easing, it remains to be proven whether it can successfully overcome this difficulty.

Bitcoin fell under the influence of the litigation of Coinbase and Coinbase. Ruslan Lienkha, market director of YouHodger, a Web3 encryption and legal service provider, wrote that due to the litigation of the U.S. Securities and Exchange Commission, the company expected that the volatility of "days or even weeks" would continue to rise.

But he added: "On the whole, the market seems to be in a better state and better prepared for possible results. There is no doubt that Cryptocurrency market participants are doing better in managing risk than they did two or three years ago."

The following is the daily Bitcoin technology analysis of CMTrade:

Bitcoin continues to fluctuate around $26330, with ArgoBlockchain, a Bitcoin mining company, producing 173 Bitcoins in May. As of May 31, 2023, Argo held 50 Bitcoins and sold approximately 206 Bitcoins in May. The company held 83 Bitcoins at the end of April.

From the 4-hour chart, the short-term momentum maintains a fluctuating downward trend, and the short-term decline may continue. The overall market is in a downward trend of short positions. The MACD indicator is weakly organized below the 0 axis, while the RSI indicator is weakly hovering below the 50 equilibrium line.

Resistance level: 2666526868

Support position: 2617125980

Trading strategy: bearish below 26456, target 2617125980

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