

Bitcoin falls below $25,800 after the SEC sues Binance; BNB and Dogecoin are down more than 7%
The cryptocurrency markets fell on Wednesday as the Securities and Exchange Commission (SEC) launched a lawsuit against Binance, accusing the exchange behemoth of breaking securities regulations. Bitcoin (BTC) fell 4% to $25,764, while Ethereum (ETH) fell below $1,850. BTC volume was over $20.32 billion, up 76% in the last 24 hours. The recent development between Binance and the SEC has terrified the global crypto market, resulting in a digital asset massacre. As the Binance-SEC issue continues, the market will react severely; we should ready ourselves for a bumpy market in the next weeks. Regulatory certainty is critical for the global crypto industry. The US Securities and Exchange Commission (SEC) has sued Binance and its CEO Changpeng Zhao, alleging that the firm operated a "web of deception" that included artificially inflating trading volumes and commingling customer funds in a June 5 court filing. Other popular cryptocurrency tokens were also selling lower. BNB and Solana both fell by more than 7%. Cuts were also used to trade Dogecoin, XRP, Cardano, Polygon, and Polkadot. The worldwide cryptocurrency market cap was trading around $1.09 trillion lower, down 4% in the last 24 hours. DeFi's total volume is currently $3.46 billion, accounting for 7.5% of the overall crypto market 24-hour volume. The overall volume of all stablecoins is now $43.78 billion, accounting for 94% of the total 24-hour volume of the crypto market. Bitcoin, the world's largest cryptocurrency, had a market valuation of roughly $499 billion. According to CoinMarketCap, Bitcoin's dominance is at 45.78%, a 0.08% fall from the previous day. The crypto market sell-off in response to the US Securities and Exchange Commission suing Binance has driven Bitcoin to a three-month low. There is a strong confluence of support for BTC around $25,200, which will most likely hold to form a 'higher low' for the asset and give a bounce for the following leg up. Markets are expected to remain unpredictable in the next week.
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