The cryptocurrency market received its fair share of bad news throughout the past year, but it doesn’t seem to stop. Just yesterday, the Commodity and Futures Trading Commission of the US filed a lawsuit against the world’s leading cryptocurrency exchange and its CEO.
The CFTC is alleging that Binance and Changpeng Zhao violated many regulations. The market reacted, and Bitcoin’s price plunged below $27K.
Bitcoin Tumbles Below $27K
At the time of this writing, BTC is trading very close to $27K. It managed to recover a bit after plunging to an intraday low of around $26,508 (on Binance).
The move came immediately after the CFTC revealed a massive lawsuit against Binane and its CEO – Changpeng Zhao.
As CryptoPotato reported, there are numerous allegations in the 74-page long complaint, some of which include that Binance has accepted orders and facilitated trade involving multiple digital assets for customers within the US, and so forth.
The Entire Market Shakes
Naturally, the entire market followed suit and lost a considerable portion of its total capitalization. Altcoins are painted in red for the most part, with the only notable exception being Ripple’s XRP.
Of course, it doesn’t all have to be bad news. Some cryptocurrencies managed to perform quite well over the past 24 hours as all of this was going down. Kaspa’s KAS token is up 20%, followed by Flare’s FLR (17%).
On the other end of the spectrum, though, there’s Arbitrum’s ARB, that’s down 10%, followed by MINA and MASK, both down around 8%.
All in all, it’s been a very tumultuous day, and it’s interesting to see if that was the full market impact of the CFTC lawsuit against Binance.
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Cryptocurrency charts by TradingView.