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- In the legal dispute between Binance and SEC, Judge Zia Faruqui denied the SEC’s request for access to Binance.US’s systems.
- Analysts believe that the BTC price rally will start from October and the price shall surge to $37,000 by the year-end.
In the ongoing legal dispute between the Binance cryptocurrency exchange and the United States Securities and Exchange Commission (SEC), there was an unexpected development on September 18.
Magistrate Judge Zia Faruqui denied the SEC’s request for access to Binance.US’s systems. Instead, the judge proposed that the SEC should create specific discovery requests.
Although this decision has only temporarily delayed the requirement for Binance to showcase the distinction between Binance.US’s custody solution and Binance International, the market reacted positively.
Judge Faruqui has scheduled a follow-up hearing for October 12 and has requested that the involved parties submit a status report before the event, as reported by Yahoo Finance. This development, which might initially seem like a setback for the SEC, at least for the time being, could potentially raise the stakes for Binance.
Binance’s founder and CEO, Changpeng “CZ” Zhao, remains resolute in asserting that Binance.US has never utilized Binance’s global custody solutions, despite a document from Binance.US on September 15 suggesting otherwise. Nevertheless, the SEC has yet to present clear evidence of Binance attempting to mislead the court.
Regardless of the current state of evidence, or more precisely, the lack of concrete information provided by Binance, the outlook for Bitcoin bulls has significantly improved for the next three weeks, with no expected changes until the upcoming court hearing.
Bitcoin Price Surge to $28,000
Earlier this week, the Bitcoin price surged to its highest level in over three weeks, breaking past the $27,000 level. However, the BTC price has retraced once again and is currently trading at $26,733 levels with a market cap of $516 billion.
The data suggests the presence of buying support from spot orders, which may indicate that large entities, often referred to as whales, are accumulating Bitcoin regardless of the current price.
With the Federal Judge scheduling another hearing for October 12, Bitcoin and other cryptocurrency enthusiasts have roughly three more weeks before potential developments in the Binance.US and SEC legal battle. During this time, the possibility of a Bitcoin price rally above $28,000 remains on the table.
Bitcoin to Deliver Strong Performance in Q4
Historically, the final quarter of the year has been Bitcoin’s strongest period in terms of performance, with an average return of over 35% over the past nine years, according to a report from crypto services provider Matrixport. Markus Thielen, Head of Research at Matrixport, stated, “If history is a guide, Bitcoin could reach $37,000 by year-end.”
October, in particular, stands out as a robust month for Bitcoin, with positive returns recorded in seven out of the last nine years, averaging around 20%, the report highlighted.
Matrixport’s technical analysis also indicates that Bitcoin recently triggered a new breakout signal. In the past ten instances when this model was activated, Bitcoin’s price increased by an average of more than 9% within a short timeframe.
Adding to the potential catalysts for October is the second deadline for Bitcoin spot exchange-traded-fund (ETF) filings. The Securities and Exchange Commission (SEC) will have to make a decision to either approve or postpone these ETFs, as previously announced in August when the SEC delayed its decision on spot Bitcoin ETF applications until October.
