Despite some altcoins recovering some of their recent losses, others, such as BNB, are still struggling.
In the hours following the Binance-DOJ news, Bitcoin dropped almost $2,000 in value.
Binance’s native cryptocurrency, BNB, suffered the most losses among the altcoins.
Rollercoaster ride at BTC
As the primary cryptocurrency traded sideways at around $36,500 over the past few days, it again attempted to break through the $38,000 mark on Monday. This time, the bears again intercepted the move, preventing BTC from even challenging $38,000.
As soon as Binance’s settlement with the US Department of Justice was reported, it had a positive impact on the crypto market. Price declines occurred two days later, after the DOJ announced a settlement with Binance that required the latter to pay a fine of $4.3 billion and resign its CEO.
BTC dropped to $35,600 in a matter of minutes. A spike above $36,600 led to over $200 million in liquidations, however it bounced back and currently sits above $36,600.
The most dumps come from BNB
This fiasco hit Binance’s native token the hardest, as expected. In a matter of hours, the price of BNB dropped from $270 to $222, a five-month low. As of now, the asset is north of $235, having recovered some ground.
On a day-to-day basis, the rest of the largest-cap alts are also in the red. Avalanche, Polkadot, Tron, Ripple, Solana, Cardano, and Dogecoin have all declined by 3-4%. There has been a 5.5% drop in the price of Polygon’s MATIC, which now sits at $0.75.
In spite of this, there are a few gainers among the top 36 alts. Uniswap, Lido DAO, OKB, RUNE, and others are among them.
Although the market is slightly better now, the total crypto market cap remains below $1.4 trillion on CMC.
On 21st Nov. Cryptotrade1 was given the signal in sell trend in our free channel. >> VERIFY
WHY DO WE SELL?
— The US Justice Department is pursuing over $4 billion from Binance as a potential resolution to their lengthy investigation
— These discussions also involve the potential for criminal charges against the founder.
PERFORMANCE : https://t.me/cctrade1/5627?single
WHERE TO CONTACT US:
Website : WWW.CRYPTOTRADE1.COM
Twitter : https://twitter.com/cctrade11
Telegram : https://t.me/cctrade1
Facebook : www.facebook.com/cryptotrade1
Instagram : www.instagram.com/cryptotrade1/
YouTube : www.youtube.com/cryptotrade1
Email : info.cryptotrade1@gmail.com