Bitcoin, Ether Tumble After Fresh Case Engulfs Binance in Legal Trouble in US

BTC is trading at the price point of $26,941 (roughly Rs. 22 lakh) after registering a 3.65 percent drop.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 28 March 2023 11:27 IST

Bitcoin, Ether Tumble After Fresh Case Engulfs Binance in Legal Trouble in US

Photo Credit: Reuters

The market valuation of the crypto sector stands at $1.13 trillion

Highlights

Tron recorded losses
USD Coin, Cardano recorded price drops
Dogecoin, Shiba Inu also saw losses

Bitcoin's price rally incurred a small bump on Tuesday, March 28 after the US authorities sued Binance over certain business practices. Bitcoin dropped in value by 3.65 percent in the last 24 hours. On both, national and international exchanges, BTC is trading at the price point of $26,941 (roughly Rs. 22 lakh). The oldest and most expensive cryptocurrency dropped by $931 (roughly Rs. 76,557) over the last day. A big chunk of altcoins followed Bitcoin onto the loss-making side of the price chart.

Ether dropped by 3.37 percent in the last 24 hours. At the time of writing, ETH was trading at $1,710 (roughly Rs. 1.40 lakh). In the last 24 hours, ETH value dipped by $55 (roughly Rs. 4,521).

Tether, USD Coin, Cardano, and Polygon recorded losses.

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Tron, Solana, Polkadot, and Litecoin also cascaded in prices.

With the US authorities breathing down on Binance's neck, both Binance USD as well as Binance Coin incurred losses.

“Crypto prices fell in the last 24 hours as Binance got sued by the Commodity Futures Trading Commission for engaging US based customers in crypto derivatives trading. The same is not allowed in the US and according to regulators, exposes users to unwanted risks. This apart from the Coinbase-SEC standoff have been somewhat impacting token prices and community sentiment in the last few days,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

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The overall crypto market cap fell by 3.07 percent in the last 24 hours to sit on the valuation of $1.13 trillion (roughly Rs. 92,63,336 crore), showed CoinMarketCap.

Many known names in the crypto market found themselves in legal troubles these past few days.

In the US, the Securities fraud claims on Justin Sun's Tron (TRX) and BitTorrent (BTT) token, along with the SEC issuing a subpoena on SUSHI founders, hampered the prices of these individual tokens. All of these affected altcoins have traded lower even as the broader markets continued to surge.

“The silver lining last week came from the Ripple v/s SEC case, where Ripple proponents are showing confidence that XRP will not be declared a security by the courts. This resulted in a 21 percent rally in XRP prices over the week. The weekend witnessed reduced volatility in crypto markets,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Wrapped Bitcoin, Bitcoin Cash, Flex

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More