Fake news, gaslighting, and talk of litigation. The Block reports that Binance’s Shanghai office was shut down following a police raid. Binance denies even having an office in the city.

The Block, a crypto media startup founded in 2018, reports that Binance closed its Shanghai office in response to an alleged police raid. According to unnamed sources, The Block claims that as many as 100 employees, including company executives, worked at the location.

A Plausible Story

Given the current regulatory landscape in China and Shanghai the story seems plausible. 

The cryptocurrency market remains vulnerable to further losses on Thursday as the market capitalization hovers around critical weekly support.

Bitcoin failed to attract buying interest from the psychological $8,000 support level as sentiment towards the leading cryptocurrency remained weak. According to data from Coinbase, BTC/USD trading volume was at its lowest level since October 2018.

TRON and Binance Coin were the worst performing cryptocurrencies among the top 20 cryptocurrencies by market capitalization as both suffered intraday losses of approximately five percent.

Yahoo Finance is partnering with CoinMarketCap to provide cryptocurrency information and news to the broader market. With over 3.5 billion monthly visitors this may greatly increase the visibility of Bitcoin and other alternative cryptocurrencies.

• Binance Coin has a bearish short-term and medium-term trading bias
• The four-hour time frame shows that a bullish inverted head and shoulders pattern is still present
• A loss of the $16.00 level would be extremely bearish for the BNB/USD pair

Binance Coin remains under pressure alongside the broader cryptocurrency market, with the BNB/USD pair trading over 10 percent lower since the start of the trading week.

The cryptocurrency market remains vulnerable to further losses on Thursday as the market capitalization hovers around critical weekly support.

Bitcoin failed to attract buying interest from the psychological $8,000 support level as the coin slid further below to about $7,600. According to data from the Coinbase, BTC/USD trading volume was at its lowest level since October 2018.

TRON and Binance Coin were the worst performing cryptocurrencies among the top-20 cryptocurrencies by market capitalization as both suffered intraday losses of approximately 10 percent.

Monero’s official website appears to have been hacked this week. Malicious actors were able to upload a compromised version of Monero’s Command Line Interface wallet that sent private keys to an external server.

Canaan Creative, a major mining equipment manufacturer, has launched an Initial Public Offering. The company is best known for its AvalonMiner line of ASIC devices, which are designed for use in Bitcoin mining. As of Nov. 21, the IPO raised $90 million according to Bloomberg data. 

Cryptocurrency tokens boast different functions, each with their own tradeoffs and risks. Holders need to take these functions into account, especially given that they have a strong impact on long-term price appreciation.

Analysts at Smith + Crown have outlined some of the pitfalls of token functions in research published Nov. 18. The examination of the different functions tokens can perform, as well as their associated trade-offs, found that designing a crypto-economic infrastructure can be a daunting task for development teams.

Messari’s Founder Ryan Selkis published a report accusing Ripple of using its RippleWorks charity foundation as a tax shelter.

The Financial Crimes and Enforcement Network has revealed its stance on stablecoins. Kenneth A. Blanco, director of the U.S. government body, has declared that stablecoins are a form of money transmission and must be regulated as such.