The cryptocurrency market has had its fair share of bad news over the past year, but it doesn’t seem to be stopping. Just yesterday, the US Commodity and Futures Trading Commission filed a lawsuit against the world’s leading cryptocurrency exchange and its CEO.
The CFTC accuses Binance and Changpeng Zhao of violating many regulations. The market reacted and the price of Bitcoin plunged below $27,000.
Bitcoin falls below $27,000
At the time of writing, BTC is trading very close to $27,000. It managed to recover somewhat after falling to an intraday low of around $26,508 (on Binance).
Source: TradingView
The move came immediately after the CFTC uncovered a massive lawsuit against Binane and its CEO – Changpeng Zhao.
As CryptoPotato reported, there are numerous allegations in the 74-page complaint, some of which include Binance accepting orders and facilitating trading of multiple digital assets for customers in the United States, and so on.
The whole market is shaking
Of course, the entire market followed suit, losing a significant chunk of its total capitalization. Altcoins are mostly colored red with the one notable exception being Ripple’s XRP.
Source: Quantify Crypto
Of course, not everything has to be bad news. A few cryptocurrencies have been able to perform quite well over the past 24 hours as all of this has subsided. Kaspa’s KAS token is up 20%, followed by Flares FLR (17%).
At the other end of the spectrum, however, is Arbitrum’s ARB, which is down 10%, followed by MINA and MASK, both down around 8%.
All in all, it was a very turbulent day and it will be interesting to see if this was the full market impact of the CFTC lawsuit against Binance.
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Cryptocurrency charts from TradingView.
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