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Bitcoin plunges below $27,000 after Binance gets sued by CFTC

Bitcoin plunges below $27,000 after Binance gets sued by CFTC

Bitcoin tumbled Monday on the news that Binance and its Chief Executive Officer Changpeng Zhao were being sued by the U.S. Commodity Futures Trading Commission.

The cryptocurrency has been on a two-week tear spurred by a banking crisis in the U.S., but it fell sharply after the CFTC’s lawsuit became public, at one point hitting $26,750 before rebounding to $27,350.

BTC/USD chart by TradingView.

Notably, Binance’s BNB also plunged to $314.9 from around $327.

Most crypto prices generally were trending down on Monday. Ethereum was down 2.8% over the last 24 hours, while Solana slid 4.9% and Litecoin fell 4.1%. Ripple’s XRP has been outperforming other cryptocurrencies but also saw a dip after the news about Binance.

Companies in the crypto space saw shares fall throughout the morning. Coinbase is down around 9.6%, and MicroStrategy — which just announced that it bought $150 million in bitcoin in the past few weeks — fell 8.3%.

Most publicly traded miners were also down, including CleanSpark (-8.7%), Riot (-6.5%) and Hut 8 (-6.6%). 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Catarina Moura


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