$COIN - Why I added more today

12. Juni 2023

COIN I added more on #Coinbase . Why?
1. SEC declared 54 crypto tokens as securities. See my previous tweet.
2. Binance US announced late on Thursday that it would no longer allow customers to trade on its platform using U.S. dollars.

What does that mean?
In order for the people to convert these 54 tokens and other cryptos to USD, they would have to exchange those to other crypto currencies like #Bitcoin and #Ethereum. Then transfer them to an Exchange like Coinbase to convert it to USD.

On top of that SEC could make it a nightmare for #binance to continue to operate in the US. #Binance already pulled out of Canada due to new guidelines for cryptocurrency exchanges including investor limits and mandatory registrations.

If Binance pulls out, it could benefit Coinbase.

These are just pure speculation on my part and my position size currently is small. I can lose it all and I won't lose my sleep.

Not an investment advice.