Bitcoin and Altcoin Prices Plunge Following Binance-DOJ News
Yesterday, Bitcoin faced a significant drop, losing almost $2,000 in just a few hours after news about Binance and the US Department of Justice broke out. The altcoin market also experienced volatile moves, with Binance’s native cryptocurrency suffering the most.
BTC’s Volatile Movement
Bitcoin attempted to break the $38,000 level on Monday following a period of sideways trading around $36,500, but was unsuccessful. Reports of Binance settling with the DOJ initially had a positive impact, but when the settlement was announced, BTC dropped by $2,000 to $35,600 in minutes before rebounding to above $36,600, resulting in over $200 million worth of liquidations.
Bitcoin’s market cap has fallen to $715 billion, and its dominance over altcoins has declined to 51.5% on CMC.
BNB Takes a Hit
Binance’s native token, BNB, suffered the most from the news, dropping from a 5-month peak of over $270 to a three-week low of $222 before recovering to over $235. Other major altcoins such as Ripple, Solana, Cardano, Dogecoin, Tron, Avalanche, Polkadot, and Polygon’s MATIC have also seen decreases in their prices.
However, some altcoins, including Uniswap, Lido DAO, OKB, and RUNE, have seen gains. The total crypto market cap dropped by $60 billion in a day, currently standing at just below $1.4 trillion on CMC.
Hot Take: Uncertain Times in the Crypto Market
The recent events surrounding Binance and the DOJ have created a ripple effect in the crypto market, leading to significant price drops and increased volatility. This period of uncertainty highlights the sensitivity of the market to regulatory news and the potential impact it can have on cryptocurrency prices. While the market has shown resilience in the past, these developments serve as a reminder of the inherent risks associated with investing in digital assets.
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