Cryptocurrencies Crash as Investors Pull Out $780m from Binance
Cryptocurrency prices crashed following the United States (U.S.) Securities Exchange Commission lawsuits slammed on Binance for illegal activities.
Prices of major assets trickle down in the face of uncertainties that force retail investors to trade early exits.
In the last 24 hours, investors have pulled around $780 million from crypto exchange Binance, data firm Nansen said on Tuesday. The reaction came a day after the U.S. Securities and Exchange Commission sued the world’s biggest crypto exchange. Nansen said that Binance’s U.S. affiliate exchange registered net outflows of $13 million in the same period.
Binance Exchange and its CEO, Changpeng Zhao, was sued on a 13-count charge. BTCUSD has seen a massive 3.8% slump in its price, pushing the digital currency asset to $25,782.71.
SEC crackdown has launched major uncertainty into an already polarized crypto ecosystem. The global crypto market cap is $1.09 trillion, a 3.66% decrease over the last day, according to data from coinmarketcap.com.
The total crypto market volume over the last 24 hours is $45.92 billion, which makes a 70.93% increase.
The total volume in DeFi is currently $3.37 billion, accounting for 7.34% of the total crypto market 24-hour volume. The volume of all stablecoins is now $43.28 billion, accounting for 94.25% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 45.75%, a decrease of 0.08% over the day.