Altcoin News by Thebittimes.Com

BNB is clinging on to its short-term bullish bias amid the Binance-SEC fiasco but a 30% price decline is still on the cards. The market capitalization of BNB (BNB) has dropped by more than $7 billion since June 5 when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance. BNB price eyes technical bounce The impact of the SEC lawsuit on Binance has been substantial so far with BNB down nearly 15% week-to-date. BNB daily market capitalization. Source: TradingView On June 6, the SEC requested the Washington D.C. district court to freeze Binance's U.S. assets worldwide. The order, if passed, will likely force the exchange to repatriate "fiat currency and crypto assets deposited, held, traded, and accrued by customers" at its U.S. platform. Meanwhile, Binance's United States' entity halted trading for several pairs, including Bitcoin (BTC), Tether (USDT), and Binance USD (BUSD). Theoretically, these events risk stirring people's BNB buy...

As it stands today, BUSD's market cap has fallen by nearly $14 billion since its all-time high of $23.49 billion on Nov. 15, 2022. Binance USD (BUSD) market cap has fallen below $10 billion for the first time in almost two years amid a United States regulatory crackdown on its token issuer and a planned delisting from a major crypto exchange. BUSD’s marketcap has been on a steep downward trajectory since its all-time high (ATH) market cap of $23.49 billion on Nov. 15, just a few days after the shock collapse of FTX. As of today, the stablecoin’s marketcap has fallen to $9.66 billion — levels not seen since Jun. 29, 2021. Market cap of Binance USD (BUSD) over the last 12 months. Source: CoinGecko. Most recently, BUSD has been the subject of a potential lawsuit against Paxos by the United States Securities Exchange Commission (SEC) on Feb. 12 over a possible violation of investor protection laws. Since then SEC, $6.65 billion has been shaved off BUSD’s market cap. Paxos was also or...