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As always, the Asian session opens with a red candle to match sell orders. The Philippines is selling off simply because of the government's ban on Binance. Never underestimate this country, they are one of the Asian countries with very strong cryptocurrency development.

3 years ago, Ax Infinite (AXS) was blown up thanks to the Philippines. Now, due to a dispute over national maritime territory with China, they banned Binance. The political situation is always the leading factor affecting the financial market, not just CRYPTO.

However, other countries still accept cryptocurrencies, the future price is still increasing, this is just an adjustment period because worries still exist because the FED keeps meeting about inflation.