Yesterday, Bitcoin took a huge plunge, dropping almost $2,000 in the hours after the Binance and Department of Justice news broke.
Similar volatility was seen in altcoins, with Binance's native cryptocurrency being, somewhat predictably, the most notable loser.
BTC roller coaster
After trading sideways near $36,500 for several days, the leading cryptocurrency tried again to pull back below the $38,000 level on Monday, but to no avail. Similar to the previous attempt, the bears quickly blocked this move and did not even allow BTC to challenge $38,000 this time.
Subsequently, there were reports that Binance had agreed to a settlement with the US Department of Justice, which initially had a positive impact on the cryptocurrency market. But on Tuesday, when everything became official and the Justice Department announced a settlement with Binance, Binance would have to pay a $4.3 billion fine and CEO Zhao Changpeng would have to resign, the price plummeted. did.
In just a few minutes, BTC fell by about $2,000 to $35,600. But it bounced back and has now soared above $36,600, with more than $200 million left in liquidation.
Bitcoin's market capitalization has slumped, falling to $715 billion, and Bitcoin's dominance over alt currencies has dropped to 51.5% in CMC.
BNB dumps the most
As perhaps expected, Binance's native token was the hardest hit in this debacle. BNB fell from a five-month high of over $270 to a three-week low of $222 in a matter of hours. But now the asset has recovered to some extent and is above $235.
The remaining large-cap stocks are also in the red on a daily basis. Ripple, Solana, Cardano, Dogecoin, Tron, Avalanche, and Polkadot all fell 3-4%. Polygon's MATIC is down more than 5.5% and is trading at $0.75.
Nevertheless, there are some risers among the top 36 alternative players. These include Uniswap, Lido DAO, OKB, RUNE, and several others.
However, the market capitalization of cryptocurrencies at one point fell by $60 billion in a single day, and although the market has now improved slightly, the CMC index is still below $1.4 trillion.
Bybit's 2024 exclusive offer for CryptoPotato readers: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!
Disclaimer: Information found on CryptoPotato is that of the cited writer. It does not represent CryptoPotato's opinion on whether to buy, sell, or hold an investment. We recommend that you do your own research before making any investment decisions. Please use the information provided at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
