Claim Giveaway Token Proof of Reserve

Crypto Update, The Binance lawsuit has sparked a crypto sell-off

Key Takeaways
  • On Monday, the value of cryptocurrencies plummeted as a result of the Commodity Futures Trading Commission (CFTC) filing a lawsuit against Binance, the largest cryptocurrency exchange globally
  • Over the last 24 hours, prominent cryptocurrencies including BTC, ETH, BNB, and LTC have experienced a major decline in their value
Crypto Update, The B


Indices LTP Change (%)
BITCOIN $27480 2.85%
ETHEREUM $1752 3.41%

                                                                                   CRYPTO STATS(24H) 

Indices VALUE Change (%)
MARKET CAP $1.17 T 3.00%

                                                                                              Top 5 GAINER

Indices LTP Change (%)
RELEASE $0.0000081 227.46%
VIRES FINANCE $2.42 105.85%
EKTA $0.040 74.59%
DRUNK ROBOTS $0.0014 64.91%
YOLOCASH $0.00081 62.62%

                                                                                                 Top 5 Loser

Indices LTP Change (%)
YFII FINANCE $0.18 57.50%
CVNX $0.0061 55.06%
DRAGONCHAIN $0.0059 50.04%
ZENON $1.25 32.10%
PORTIFY $0.000038 60.85%

On Monday, the broader market experienced a decline

 due to the news of the CFTC suing Binance, which negatively impacted investor sentiment. 

However, Bitcoin, BNB, and XRP managed to avoid losses during the reporting period. XRP saw the highest gain, while Polygon and Cardano experienced the highest losses among the top 10 cryptocurrencies. 

Major Events Around the World

  • The U.S. Commodity Futures Trading Commission (CFTC) has taken legal action against Binance Holdings Ltd., the world's largest cryptocurrency exchange, and its CEO, Changpeng “CZ” Zhao. The CFTC alleges that Binance and Zhao violated regulations related to trading and derivatives. The lawsuit was filed in federal court in Chicago on Monday.

  • Polygon, the foremost Ethereum scaling platform, has officially released the beta version of its zero-knowledge Ethereum Virtual Machine (zkEVM) to the public on Monday. This highly anticipated event is expected to be one of the most significant milestones in the cryptocurrency industry in 2023. The launch was made possible by a successful funding round of $1 billion, two third-party audits, and an internal audit conducted by 26 researchers.

  • In May of 2021, Tesla's CEO, Elon Musk, announced that the company would be halting vehicle purchases using Bitcoin. Musk cited the rapid increase in the use of fossil fuels for Bitcoin mining as the reason for this decision. Despite this, Musk made it clear that Tesla would not be selling any of its Bitcoin holdings and expressed his belief that cryptocurrencies have many positive attributes.

COIN GABBAR Views: After a period of consolidation last week, the crypto market experienced a significant drop yesterday following news of the CFTC's lawsuit against Binance. The burning question on everyone's mind is whether BTC will surpass the $30,000 mark and ETH will exceed $2,000, or if the market will continue to fall. To stay informed on the latest developments, please stay tuned with us

Also read: After Do Kwon, S.Korean Agencies Are Looking for Daniel Shin, Another LUNA Co-Founder

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

Related News
Related Blogs