Bitcoin drops below $26500, many altcoins continue to plummet amid the battle between the SEC and the two leading exchanges in the market, Binance and Coinbase.
Bitcoin has fallen back after recovering from the $25300 mark to above $27,000 amid the SEC’s lawsuit against Binance and Coinbase.
Bitcoin is trading at $26335, down 2.2% over the past 24 hours according to data from Coinmarketcap .
BNB, the native token of Binance, has dropped 8% in the past 24 hours to as low as $252, the lowest price since early January 2023.
Cardano (ADA), Polygon (MATIC) and Solana (SOL), all top 10 tokens by market capitalization, are also down 6% to 8% on the day.
Earlier in the lawsuit against Binance on the evening of June 5, the SEC also stated that Solana, Polygon, Cardano, and many other altcoins were securities in the lawsuit . Almost all of them are the biggest projects of the crypto market, with a market capitalization of billions of dollars.
Binance and CZ have been indicted on 13 counts by the SEC, allegedly mixing customer funds and attempting to evade US securities laws with tampering controls to determine who might do business with the company.