📉 Is Binance Finally Going Down?

Gm this is the doodhwala! We’re that one friend who always has your back even when the biggest kid in the playground messes with you.

Come at us! 👊

Here’s what we got for you today:

• 📉 Binance Down: Binance Is Going Down Badly With The SEC

• 💪 Bitcoin Dominance: BTC Dominance is Over 50%

• 📈 Cheese and Charts: Why Bitcoin Can Go Up

• 🛠️ Resourcewala: Crypto Tax Cutting 101

• 🍼 Doodhshots: SBF Sued His Parents

😬 Binance Is Going Down

Another day, Another Binance story. 😮‍💨

But this time, it’s a lot worse.

The current conditions for Binance are painting a very bleak outlook for where it is headed soon. ➡️

Binance (especially the US division) is facing some Level 100 drama right now.

Drama that includes:

• All-time low volumes on the platform

• The SEC pushing to enter their offices with suitcases

• High number of customer complaints

Man, I don’t think CZ has taken a break since the beginning of this year! 💀

1️⃣ Binance US volumes have hit the worst lows of all time.

Okay, let’s start with Binance US.

They’re in some WW1 trench warfare right now with everything. 🪖

A bunch of problems:

• Their CEO and Senior Management YEETED

• They laid off over 100 employees

• Gary Gensler occasionally pees in their lavatory

But maybe the worst thing that’s happening to them right now is – Volumes.

Trading Volumes have declined significantly in the last couple of years. All the way from $1.4 Billion in 2022 → A mere $5 million today. 🤯🤯🤯

Just have a look at that chart, looks like a 💩-coin tanking slowly.👇

2️⃣ SEC wants to immediately YEET Binance.

Here’s where the plot gets thicker (and milkier).

Gary Gensler, who occasionally takes a piss at the Binance office, has been tracking all of the above activity on the floor.

And so the SEC came up with the theory that Binance is not fully collateralized for their customer assets. 😮

They took this to the Department of Justice and also added that Binance is not cooperating well in sharing documents.

What do they want now?

The SEC wants to URGENTLY inspect and check the custody of their customer assets.

But guess what the judge said? 🤣

The judges chose Binance over the SEC. Where we come from, we call that - Disrespect Ultra Pro Max. 💀

This led to some tension between the SEC and Binance.

Literally to the point where Judge Zia Faruqui said:

3️⃣ Binance “Allegedly” has withdrawal problems. (And Memes)

And just to add some extra hot sauce on the spicy menu, Binance seems to be having a bunch of withdrawal problems in a few regions.

Although this has proven false by the Binance team — There have been certain users on Twitter (X) who are following up with failed withdrawals in certain regions.

To the point where people wanna hate on CEXs all of a sudden! 🤷‍♂️

And boy oh boy, did the comments start rolling in! 🤣

We’ve entered a new era of FUD where there is regular crypto FUD and Binance FUD. 💀

Both are stupid. And both are insightful.

What times! ⏳️ 

Doodhwala’s Take: When times get tough — A glass of warm doodh and a couple of cookies can make things better. 🥛🍪

We’ve got them for you CZ. 🤝

✊ Crypto Is Not Dead! We’ll Show You

Is crypto dead? 😭

Uhhh despite what your uncle tells you on WhatsApp, it isn’t. It’s very much alive.

Don’t believe us? 🤔

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It has:

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Register now using the link below and stand a chance to win some very cool prizes (not just doodh lol 🥛).

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🗓️ October 19 to 20

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🚀 Bitcoin's Big Moment

You know how we all have that one friend who's the life of the party?

Well, for us crypto bros that friend is none other than Bitcoin.

So what’s the big news?

Bitcoin's market dominance is going up! 📈

Wait, wtf is Market Dominance? 🤔

Market dominance is like a popularity score in crypto. It tells us how much of the total crypto market is all about Bitcoin.

And guess what? Bitcoin's been showing off with 50.2% of the market! 💪

It even reached a super high of 52% back in June.

Before all this, it was floating between 39% and 49% for more than two years.

Bitcoin might be gaining some maxis in the meantime. Who knows?

And according to some experts, the dominance might just keep climbing higher and higher.

Unlike, my dating standards that’s been going lower and lower

But why is it going up?

Big Money.

So, there's been many applications for a Bitcoin ETF (Exchange-Traded Fund) from big institutions like:

• BlackRock

• Grayscale

• Invesco

• Fidelity

• Doodhwala (not yet but manifesting it) 😬

What about the other cryptos?

Markus Thielen, a top guy at Matrixport, shared some thoughts.

Bitcoin is enjoying a lot more "potential buying pressure" thanks to these ETF listings, while the altcoins (those are the other cryptocurrencies that are not Bitcoin) might just be on the verge of a little tumble.

Some reasons:

• Money coming into Ethereum is slowing down.

• Some token sales aren't doing great.

• There are upcoming token unlocks (this means early investors might sell their tokens).

Another reason why Bitcoin might get even more popular and other cryptos might not is NYFDS (New York Department of Financial Services).

They're thinking of making it harder for cryptos to be listed on trading platforms.

But here's the fun part → they're giving Bitcoin an easy way in!

So, the increasing dominance is inevitable.

In fact, my breakup is also inevitable given my girlfriend’s behavior nowadays. 💔

But chuck it, I’ve my doodh with me.🥛

Doodhwala’s Take:

Bitcoin might be the go-to crypto for many.

It's like that friend who always has your back. 🍪

📈 Cheese and Charts: This Is Why Bitcoin Can Go Up!

Remember that school friend who'd guess it's gonna rain by just feeling the wind? 🌬️

Well, in crypto, some think Bitcoin fees work the same way for its price.

They hint at what's coming next. ☀️🌩️

Hold up, fees? 🤨

No, not the gym fees which you haven’t paid in months.

We're talking about the cost of doing a Bitcoin transaction.

It looks like when these fees go up, Bitcoin's price goes up too. 📈

When did it happen?

📅 April 2019

Fees? From $5M ➡️ $15M

Price? From $3k ➡️ $8k

📅 May 2020

Fees? From $4M ➡️ $30M

Price? From $7k ➡️ $11k

And the most recent fee spike happened in:

📅 May 2023

Fees? From $30M ➡️ $120M

Price? From $17k ➡️ $25k

Phewww! That was a lot of numbers. Here, drink some doodh.🥛

So, could this mean a bigger price increase is coming? 🤷 Maybe!

What do you think?

(Let us know below👇)

🛠 Resourcewala: The Slick Guide to Shaving Taxes with Crypto

Look, nobody likes that time of the year when the Taxman cometh.

But hey, living in the age of crypto isn’t just about those sick gains.

It’s about being smart, savvy, and...a little sneaky (in a legal way, of course!). 😎

You might have heard of crypto ballers living large while keeping their taxes super chill. Is it a myth? Nope, just some next-level strats.🔥

Today's resource covers:

- The secret art of crypto tax-cutting!

- What the heck are tax "events" in crypto?

- Common pitfalls to dodge and save $$$.

And, what to keep in mind before making that filing! 📝

🍼 Doodhshots: Sam’s Parents Are Guilty

• 😠 Bitcoin Manipulated?: The Bitcoin Futures Open interest has jumped to over $1 billion, sparking questions of it’s being manipulated. Really? Is that even a question these days?

• 👪 Parental Issues: Sam Bankman Fried’s parents have been sued by FTX to recover millions of dollars in ‘exploited money’. Bro sued his own parents.

• ⛓️ Bitcoin Drivechains: Spiderchain, an experimental new chain is planning to build Ethereum on Bitcoin - a 2-way peg. Wow. That’s refreshing. And scary.

• 🇬🇧 Bri-ish Legislations: A new crime bill in the UK, set to go live next year, will give cops the ability to freeze crypto assets. The last thing I wanna be is a criminal in the UK.

• 🎌 Japan’s Bitcoins: Japan’s biggest investment bank ‘Nomura Bank’ has launched a Bitcoin Adoption Fund for Institutional Investors. Gambare Senpai!

🤣 Milky Meme Of The Day

If you want more doodh then, be sure to follow our Twitter, LinkedIn, and Instagram.

That’s all for today folks! See ya tomorrow!

Yo! Our legal and financial advisors (aka our good ol’ conscience) have asked us to add this boring disclaimer. None of what you read here is financial advice. We aren’t here to get you to buy or sell crypto. We’re only here to tell you what’s up in crypto today and make you laugh. So, if you screwed up on a trade, that’s on you G. Stay safe in the markets.

Today’s edition was brought to you by Ritik Gupta and Sumanth

Edited by: Arvind Krishna and Aakash Athawasya