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After SEC Charges Against Binance, Crypto Liquidations Hit 296 Million Dollar

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The digital currency industry has become unstable after the US SEC crackdown on Binance and CZ (Changpeng Zhao) on 13 count charges.

Due to the Securities and Exchange Commission’s suit against the crypto exchange, the market price of cryptocurrencies went down.

The overall liquidation amount tops $296.95 million in the last 24 hours.

More Details of the Matter

For the past day, BTC (Bitcoin) has experienced a massive drop in its price of up to 3.8%.

Therefore, it has driven the main assets to $25,782.71.

Due to the support zone breaking at $26,000, the coin’s liquidation has skyrocketed to $110.91 million.

Apart from Bitcoin, other digital assets also experienced considerable values decline.

READ ALSO: Atomic Wallet Hack Alarm: Users Lose Up To $35 Million

Precisely, the Securities and Exchange Commission alleged that ADA (Cardano), SOL (Solana), and FIL (Filecoin), among other leading cryptos, are securities.

The backlash of mentioning these digital assets caused a dramatic price decline.

Cardano even dropped to 9% within some hours after the lawsuit was published.

Although XRP wasn’t affected by this latest occurrence, BNB which is Binance coin and Metaverse tokens Decentraland (MANA), and the SAND (Sandbox) were caught also in the mix.

Following these, fears of an imminent individual crackdown on these tokens increase.

Liquidations of Exchanges and Coinciding Uncertainty

Due to the charges filed against Binance by SEC, there has been an emergence of major uncertainties in an already polarized crypto ecosystem.

Moreover, nearly all leading crypto exchanges in the US list Solana, Cardano, and almost all digital assets the SEC rated as securities, a problem for these trading platforms.

Therefore, the cumulative liquidations on the leading trading platforms show a major reference point to learn more about what is going on within the industry.

Meanwhile, the crypto exchange that is affected the largest was Binance.

The records so far show that its liquidation rate was cumulative of $96.98 million.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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