September 21, 2023

Bitcoin falls to $25,500 amid SEC lawsuit against Binance

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Bitcoin falls to $25,500 amid SEC lawsuit against Binance

Yesterday, June 5, the US Securities and Exchange Commission (SEC) sued Binance and its founder Changpeng Zhao on multiple charges. This led to a decrease in the price of bitcoin.

In its lawsuit, the regulator claims that Changpeng Zhao(Changpeng Zhao) has created a "network of deception" with the help of the Binance cryptocurrency exchange. Also, the site is accused of falsifying trading volumes and trading in unregistered securities. At the same time, the SEC equated 61 tokens to securities at once, including fairly large assets like SOL, ADA, MATIC and ATOM.

This lawsuit has led some investors todecided to sell their bitcoins, as a result of which the rate of the first cryptocurrency fell by 5%. And in a week, the price of bitcoin decreased by 7.5%. Now BTC is trading at $25,700, although a week ago the rate reached $27,800.

Analysts emphasized that at the level of $25,000 there is strong support for the first cryptocurrency. However, if the rate falls below this mark, then it is worth waiting for further sales.

Note that the fall of bitcoin led to a decrease in the entire cryptocurrency market.