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Why is the crypto market down today? BNB leads in loses

TL;DR

  • The November crypto market has seen the start of a bull run. However, the industry’s gains have been wiped out in the last few hours with reports that Changpeng Zhao has stepped down as Binance’s CEO.
  • On Nov. 21, the BNB price reached a five-month high of $271 on news that Binance would settle with the DOJ for $4 billion. Now, BNB is down 11%, trading at $226.
  • Bitcoin’s price drops to $35,859 (a 4.04% price decline). Ethereum’s ETH price fell below $2K to $1,947 (a 3.71% price decline in the last 24 hours).

The crypto market is red sad. On the other hand, the DOJ, SEC, CFTC, Gary Gensler, and crypto regulators in Washington, D.C., are having a party. Today, the crypto market is down as a slew of imminent regulatory enforcement events weigh on Bitcoin, Ether, and other altcoins, led by Binance‘s BNB. 

On Nov. 21, the BNB price reached a five-month high of $271, following reports from The Wall Street Journal and others that the US Department of Justice (DOJ) planned to announce a $4.3 billion settlement with Binance. However, all those wins are gone.

Crypto markets breathe RED!!

 According to Coin Gecko, the global crypto market cap is $1.41 trillion today, a -3.81% drop from the day before and a 72.08% change from a year ago. Bitcoin (BTC) currently has a market cap of $709 billion, reflecting a 50.24% domination. Meanwhile, the market cap of stablecoins is $128 billion, accounting for 9.1% of the total crypto market cap.

The Wall Street Journal and Bloomberg reported on Nov. 21 that the DOJ was expected to announce enforcement charges linked to Binance at 3:00 p.m. Eastern Time (8:00 p.m. UTC) on Nov. 21. The DOJ initially indicated that serious steps would be taken against the crypto sector, but the message was vague.

Well, these are no longer bad reports, and crypto members cannot get by wishful thinking. Binance has agreed to pay $4.3 billion to settle the charges, resulting in “one of the largest penalties” imposed by the US on a business defendant. 

Changpeng “CZ” Zhao, the company’s founder and CEO, pled guilty to his own charges and agreed to pay a $50 million fine at his arraignment in Seattle.

On November 20, the SEC filed a complaint in federal court in San Francisco alleging that crypto exchange Kraken is operating a platform that illegally encourages the buying and trading of cryptocurrency.

Market sentiment soared due to expectations of a likely spot Bitcoin exchange-traded fund (ETF) approval in November. However, the SEC delayed it on Nov. 17. The enthusiasm contributed to Bitcoin’s price reaching an 18-month high above $38,000. However, the excitement is fading, with the price of Bitcoin falling on November 21.

BNB takes in heavy losses

On Nov. 21, the BNB price reached a five-month high of $271 on reports that Binance had struck a $4 billion settlement with the DOJ. BNB is now trading at $226, down nearly 11%. The 24-hour trading volume for BNB is $3,394,810,038.41. 

This indicates a -10.42% drop in the last 24 hours and a -6.26% drop in the last 7 days. With a circulating circulation of 150 million BNB, BNB has a market capitalization of $34,745,383,846.

At the time of writing, Bitcoin’s price sits at $35,859.74, with a 24-hour trading volume of $26,090,332,781.54. This indicates a -4.04% decrease in the last 24 hours and a 1.12% gain in the last seven days. Bitcoin has a market cap of $701,030,536,469.

Additionally, Ethereum‘s (ETH) price is $1,947, with a 24-hour trading volume of $21,153,735,700.45. This indicates a -3.71% drop in the last 24 hours and a -1.68% drop in the previous 7 days. Ethereum has a market valuation of $233,608,726,069. 

Dogecoin (DOGE) is currently trading at $0.072372 with a 24-hour trading volume of $1,200,299,761.88. This indicates a -7.19% drop in the last 24 hours and a -0.15% drop in the last 7 days. 

Shiba Inu (SHIB) is trading at $0.00000780 today, with a 24-hour trading volume of $226,708,064.88. This indicates a -7.83% drop in the last 24 hours and a -6.58% drop in the last 7 days.

Solana (SOL) is trading at $52.67 today, with a 24-hour trading volume of $2,571,055,229.43. This indicates a -7.53 % drop in the last 24 hours and a -7.35% drop in the last 7 days.

Today’s Ripple (XRP) price is $0.583055, with a 24-hour trading volume of $1,523,879,329.52. This indicates a -5.20% drop in the last 24 hours and a -7.38% drop in the last 7 days.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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