On Tuesday, the cryptocurrency markets experienced a downturn following legal action taken by the U.S. Securities and Exchange Commission (SEC) against Binance. The exchange behemoth was accused of breaching securities laws.
Bitcoin (BTC) witnessed a 4% drop, settling at $25,764, while Ethereum (ETH) dipped below the $1,850 mark. BTC's trading volume reached around $20.32 billion, reflecting a significant 76% surge in the past 24 hours.
"The recent clash between Binance and SEC has sent shockwaves through the worldwide crypto market, leading to a significant decline in digital asset values. As the Binance-SEC situation continues to unfold, we can anticipate a highly volatile market in the upcoming weeks. The urgent requirement for regulatory clarity is crucial to stabilize the global crypto ecosystem," commented Shivam Thakral, CEO of BuyUcoin.
Binance, the largest cryptocurrency exchange globally, and its CEO Changpeng Zhao face a lawsuit filed by the US Securities and Exchange Commission (SEC). According to a court filing on June 5, the SEC accuses the company of engaging in deceptive practices such as artificially boosting trading volumes and mixing customer funds, forming what the SEC refers to as a "network of deceit."
In March, the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance, alleging regulatory violations.
Furthermore, several prominent cryptocurrencies experienced a decline in trading value. BNB and Solana saw a decrease of more than 7%. Similarly, Dogecoin, XRP, Cardano, Polygon, and Polkadot also experienced price cuts. The overall global cryptocurrency market cap dropped to approximately $1.09 trillion, reflecting a 4% decrease in the past 24 hours.
At present, the DeFi sector represents a total volume of $3.46 billion, accounting for approximately 7.5% of the overall 24-hour volume in the crypto market. In contrast, the combined volume of stablecoins has surged to $43.78 billion, capturing a significant 94% share of the total 24-hour volume in the crypto market.
The current market capitalization of Bitcoin, the world's largest cryptocurrency, stands at approximately $499 billion. According to CoinMarketCap, Bitcoin's dominance has slightly declined by 0.08% to 45.78% over the course of the day.
Following the US SEC's lawsuit against Binance, there has been a significant sell-off in the crypto markets, leading Bitcoin to reach its lowest point in the past three months. However, experts believe that BTC will find support around the $25,200 range, forming a "higher low" and potentially bouncing back in the near future. Market volatility is expected to persist in the coming week, as stated by Vikram Subburaj, CEO of Giottus Crypto Platform.
Rajagopal Menon, Vice President at WazirX, mentioned that major market oscillators indicate a neutral sentiment. The Relative Strength Index (14) is currently at 37, suggesting a neutral outlook. The Stochastic %K (14, 3, 3) stands at 24, and the Average Directional Index (14) is at 21, both indicating a neutral outlook as well.
Menon further added that the MACD Level (12, 26) indicates a sell signal at −317. The Stochastic RSI Fast (3, 3, 14, 14) is currently neutral at 18, while the William's Percentage indicates a buy signal at -88.
***********************************************************************************
Bitcoin, SEClawsuit, Binance, Price plunge, Cryptocurrency market, BNB, Dogecoin, Market drop, Regulatory action, Crypto news
#BitcoinPrice #SECLawsuit #BinanceExchange #CryptocurrencyMarket #BNBPriceDrop #DogecoinPriceFall #MarketVolatility #RegulatoryAction #CryptoNews #DigitalAssets
Note : Do you think this news is help full ? then you can help us by giving USDT to us. USDT address is TKMVfz7ga33avJZQrqmdP4kKXF9wzRc4WA ( Tron Network ,TRC20 ).
">
0 comments:
Post a Comment