Crypto investigators are drawing parallels between the actions of the US Treasury Department and Binance, following suspicions that Binance propped up liquidity in the cryptocurrency market in Q1 2023. The CEO of Binance converted $1 billion worth of Binance USD to Bitcoin, Ethereum, and Binance coin, which artificially injected buying pressure into the market. Now, investigators are observing the US Treasury General Account (TGA), which has been rapidly falling due to the Treasury's need to keep the government running. Without congressional action to raise or suspend the $31.4 trillion debt ceiling, the US government could default as early as June 1, which would pressurize Bitcoin prices.
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