Crypto Price Today: Bitcoin slips below $25,800 after SEC sues Binance; BNB, Dogecoin shed over 7%

economictimes.indiatimes.com:

cryptocurrency markets were trading in the red on Tuesday after the U.S. Securities and Exchange Commission (SEC) filed suit against Binance, accusing the exchange giant of violating securities laws. Bitcoin (BTC) declined 4% to $25,764, whereas Ethereum (ETH) was below the $1,850 level. BTC volume stood at approximately $20.32 billion, rising 76% in the last 24 hours. «The latest development between Binance and SEC has spooked the global crypto market resulting in a bloodbath across digital assets. The market will respond sharply as the Binance-SEC saga unfolds; we should brace ourselves for a choppy market in the coming weeks. Regulatory clarity is the need of the hour for the global crypto ecosystem,» Shivam Thakral, CEO of BuyUcoin, said. The world's biggest cryptocurrency exchange Binance and its CEO Changpeng Zhao have been sued by the US Securities and Exchange Commission (SEC), which alleged in a June 5 court filing that the firm operated a «web of deception» that included artificially inflating its trading volumes and commingling customer funds.

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The US Commodity Futures Trading Commission (CFTC) also sued Binance over regulatory violations in March. Other top crypto tokens were also trading lower. BNB and Solana declined by over 7%. Meanwhile, Dogecoin, XRP, Cardano, Polygon and Polkadot also traded with cuts. The global cryptocurrency market cap was trading lower around $1.09 trillion,