Sun. Jul 21st, 2024

Bitcoin on Wednesday, November 22 recorded a drop of 3.26 percent in the backdrop of most cryptocurrencies reflecting losses next to them. At the time of writing, the value of Bitcoin stood at $36,343 (roughly Rs. 30.28 lakh). The reason behind this mega market slippage is what transpired between Binance CEO Changpeng Zhao and the US authorities. Essentially, Zhao has pleaded guilty to have broken US’ anti-money laundering laws while facilitating $4.3 billion (roughly Rs. 35,828 crore) settlement to end a year-long probe on its operations. He also announced that he was stepping down as the CEO of Binance.

Ether dropped in value by 2.63 percent on Wednesday and clocked a loss of $36 (roughly Rs. 2,997). At the time of writing, ETH was trading at $1,977 (roughly Rs. 1.63 lakh). Meanwhile, Bitcoin price has reduced by $1,129 (roughly Rs. 94,020).

It is notable that Binance’s native token that is the Binance Coin registered a big price drop of 11.69 percent. Presently, its trading at $232 (roughly Rs. 19,389) after its overall market cap also fell by over nine percent in the last few hours. Just yesterday, Binance was trading at $270 (roughly Rs. 22,4845).

“In the past 24 hours, the US Department of Justice (DoJ) has imposed a fine of over $4 billion (roughly Rs. 35,804 crore) on Binance, making it one of the largest penalties the DOJ has ever obtained from a corporate defendant in a criminal matter,” the CoinSwitch market desk told Gadgets 360.

Cryptocurrencies that are trading in losses alongside BTC, ETH, and BNB include Tether, Ripple, Solana, Cardano, Dogecoin, Tron, and Chainlink.

Polygon, Avalanche, Polkadot, Litecoin, Shiba Inu, and Bitcoin Cash are also all trading in the reds, reflecting losses.

The overall crypto market cap tumbled by 2.45 percent in the last 24 hours to now claim the mark of $1.38 trillion (roughly Rs. 11.4 crore), showed CoinMarketCap.

“In broader economic news, the US Fed Meeting Minutes indicated a cautious policy stance without suggesting a rate cut,” the CoinDCX research team told Gadgets360.

Among profit-making cryptocurrencies today, only Uniswap, Iota, and Braintrust managed to mark their presence.

“With the BNB coin falling in value, DEX-based tokens, especially SNX (+2.4 percent) and DYDX (+7.0 percent) may start seeing some more traction,” CoinSwitch added.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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