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Market movers: CFTC targets Binance, Micron's earnings, Netanyahu retreats

Bitcoin prices experienced a significant dip after the Commodity Futures Trading Commission (CFTC) charged Binance with illegally selling derivatives trading services in the United States. The CFTC accused Binance of instructing large professional outfits to disguise their physical location using Virtual Private Networks while facilitating market-making. This latest regulatory action against Binance appears to be part of a wider effort to separate cryptocurrencies from the mainstream financial industry. Despite the negative news, Bitcoin experienced a bounce at the $27,000 level.

In Congress, Michael Barr, the Federal Reserve's top banking supervisor, criticized Silicon Valley Bank (SVB) executives for their mismanagement, which led to the collapse of the bank. Barr denied claims that the bank's supervisors had failed to act promptly. The Federal Deposit Insurance Corp. disclosed that it is facing a loss of around $20 billion on its deposit insurance fund to resolve the SVB case. The U.S. data calendar includes updates on house prices and the Conference Board's consumer confidence survey.


The stock market is expected to open lower as market players remain cautious. The Dow Jones futures rose by 39 points, while the S&P 500 futures and Nasdaq 100 futures declined by 0.1% and 0.2%, respectively. Lyft shares rose by 5% in premarket after the appointment of a new CEO, while reports revealed that Facebook's owner, Meta, would reduce bonuses for some executives. Salesforce is also in focus after Elliott Management announced that it no longer intends to nominate directors to the company's board.


In Israel, Prime Minister Benyamin Netanyahu delayed the passage of his judicial reform bill to May, responding to the massive protests that occurred over the weekend. The bill's critics say it undermines democracy by giving the government too much power over the appointment of judges.


Oil prices continued to rise following China's forecast of a 6% increase in imports this year to 540 million tons, indicating the end of COVID-19-related restrictions on economic activity. U.S. crude futures increased by 0.5% to $73.16 per barrel, while Brent rose by 0.3% to $77.89 per barrel. The American Petroleum Institute will release weekly data on U.S. stockpiles later in the day.


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