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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-drops-below-40000-amid-market-uncertainty/" data-wpel-link="internal">Bitcoin Price Drops Below $40,000 Amid Market Uncertainty</a><br></p>
<p style="text-align: justify">Bitcoin (BTC) price has lost the $40,000 mark again after a long period, dropping to $39,431. The feared scenario for days is becoming a reality. The signal for the last correction that could have devastating consequences for altcoins was given with the drop on January 12. The <a href="https://en.coin-turk.com/binance-announces-burning-of-1-99-million-bnb-tokens-worth-619-4-million/" data-wpel-link="internal">Binance</a> hearing has also concluded. Here’s what happened in the last few hours.</p> 
<h2 style="text-align: justify" id="bitcoin-falling">Bitcoin Falling</h2> 
<p style="text-align: justify">As this article was being prepared, the <strong>BTC price</strong> was at $39,780, having recently dropped to $39,431. We had mentioned last week that the break of the rising parallel channel on January 12 could lead to a deeper correction towards $38,500. This scenario seems to be unfolding in the coming hours.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="wp-image-305975 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-22_23-20-44.png" alt="" width="1201" height="554"></p> 
<p style="text-align: justify">The price gap from the CME exchange has been filled, but this drop has also set the stage for the cumulative value of cryptocurrencies to retreat to the $1.4 trillion support level. The daily close that will occur hours later and the opening of the Asian markets could accelerate the sales. <strong>Spot Bitcoin ETFs</strong> started the day with a decline while Grayscale continues to send thousands of BTC to the Coinbase exchange due to GBTC redemptions.</p> 
<h2 style="text-align: justify" id="details-of-the-binance-hearing">Details of the Binance Hearing</h2> 
<p style="text-align: justify">The hearing was in two parts, and we did not see a judge as crypto-friendly as in the Coinbase hearing. The <strong>Binance</strong> case is very complex, but the main focus in today’s hearing was on the investment contract/security and their unregistered sales.</p> 
<p style="text-align: justify">The first part was summarized by a user named metalawman who closely follows crypto cases:</p> 
<ul style="text-align: justify"> 
 <li>Judge Berman Jackson set aside prepared arguments and went straight to questions.</li> 
 <li>She started with the defense team. She seemed doubtful that an investment contract truly required a contract.</li> 
 <li>She focused on the “scheme” language in Howey.</li> 
 <li>Like Judge Failla, Judge Jackson indicated that she was not convinced by the Major Problems Doctrine argument.</li> 
 <li>She also expressed doubts about the Legal Process arguments related to fair notice.</li> 
 <li>There was a lot of back and forth about where the SEC’s authority ends and the CFTC’s begins, with no clear conclusion.</li> 
</ul> 
<p style="text-align: justify">In the second part and overall assessment, he wrote:</p> 
<ul> 
 <li style="text-align: justify">The judge approaches the idea that the BUSD stablecoin is presented as an investment contract with skepticism.</li> 
 <li style="text-align: justify">The judge seems open to the argument that Binance initially presented the BNB token as an investment contract.</li> 
 <li style="text-align: justify">The judge appears uncomfortable with the idea that a token, even if initially presented as an investment contract, remains a security when traded indefinitely in a secondary market.</li> 
 <li style="text-align: justify">The SEC lawyer claims that the token “embodies” the investment contract – which seems to contradict previous statements that the token is nothing more than lines of code.</li> 
 <li style="text-align: justify">The judge opposed the idea of mini-hearings regarding whether the other 10 tokens listed in the complaint were sold as investment contracts.</li> 
 <li style="text-align: justify">The judge asked the SEC where the “line” is between tokens that are and are not investment contracts – because there are people buying and selling these assets and they need to know.</li> 
 <li style="text-align: justify">It was somewhat disappointing that Binance’s lawyers did not argue that crypto tokens cannot be investment contracts if they do not carry rights over the underlying <a href="https://newslinker.co/category/business/" data-wpel-link="exclude">business</a>‘s income, assets, or profits.</li> 
</ul> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-price-drops-below-40000-amid-market-uncertainty/" data-wpel-link="internal">Bitcoin Price Drops Below $40,000 Amid Market Uncertainty</a></h5>

Bitcoin Price Drops Below $40,000 Amid Market Uncertainty

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