The crypto market has taken a turn for the worse in the last few days, with Bitcoin (BTC) falling below the $22,000 mark after the US Securities and Exchange Commission (SEC) announced legal action against Paxos for allegedly selling unregistered securities in the form of Binance USD (BUSD). BNB, Dogecoin, Polygon, Shiba Inu, Avalanche, Uniswap, ATOM, and Chainlink have all suffered from the news, with all of them down by similar percentages. Ethereum is also down by 3%, trading beneath $1,500. Ripple, Cardano, OKB, SOL, DOT, and LTC have all seen losses as well. Even more daily losses are evident from LDO, APT, HBAR, FTM, and GRT, as they are all down by double digits.
The cumulative market cap of all crypto assets has also lost the coveted $1 trillion line on CoinMarketCap (CMC) and is now down to $990 billion. Bitcoin’s market cap is also down to $416 billion, but its dominance over the alts has taken a breather and is up to 41.6%.
The news of the SEC’s legal action against Paxos has had a significant impact on the crypto market, with Bitcoin, altcoins, and the overall market cap all taking a hit. It remains to be seen how the market will react to the news in the coming days and weeks, as the regulatory environment continues to evolve. Investors should be cautious and do their own research before making any investment decisions.
