BTC, ETH Tumble After New Case Engulfs Binance in Legal Trouble in US
Bitcoin’s price rally incurred a small bump on Tuesday, March 28 after the US authorities sued Binance over certain business practices. Bitcoin dropped in value by 3.65 percent in the last 24 hours. On both, national and international exchanges, BTC is trading at the price point of $26,941 (roughly Rs. 22 lakh). The oldest and most expensive cryptocurrency dropped by $931 (roughly Rs. 76,557) over the last day. A big chunk of altcoins followed Bitcoin onto the loss-making side of the price chart.
Ether dropped by 3.37 percent in the last 24 hours. At the time of writing, ETH was trading at $1,710 (roughly Rs. 1.40 lakh). In the last 24 hours, ETH value dipped by $55 (roughly Rs. 4,521).
Tether, USD Coin, Cardano, and Polygon recorded losses.
Tron, Solana, Polkadot, and Litecoin also cascaded in prices.
With the US authorities breathing down on Binance’s neck, both Binance USD as well as Binance Coin incurred losses.
“Crypto prices fell in the last 24 hours as Binance got sued by the Commodity Futures Trading Commission for engaging US based customers in crypto derivatives trading. The same is not allowed in the US and according to regulators, exposes users to unwanted risks. This apart from the Coinbase-SEC standoff have been somewhat impacting token prices and community sentiment in the last few days,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.
The overall crypto market cap fell by 3.07 percent in the last 24 hours to sit on the valuation of $1.13 trillion (roughly Rs. 92,63,336 crore), CoinMarketCap showed.
Many known names in the crypto market found themselves in legal troubles these past few days.
In the US, the Securities fraud claims on Justin Sun’s Tron (TRX) and BitTorrent (BTT) token, along with the SEC issuing a subpoena on SUSHI founders, hampered the prices of these individual tokens. All of these affected altcoins have traded lower even as the broader markets continued to surge.
“The silver lining last week came from the Ripple v/s SEC case, where Ripple proponents are showing confidence that XRP will not be declared a security by the courts. This resulted in a 21 percent rally in XRP prices over the week. The weekend witnessed reduced volatility in crypto markets,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.
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