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If U.S. regulators intended to destabilize cryptocurrency markets and create losses by instilling apprehension among investors, they are succeeding in their efforts.
The cryptocurrency markets have lost $55 billion, approximately 5%, since the Securities and Exchange Commission initiated legal action against Binance for breaching securities regulations.
Consequently, the total market capitalization has fallen to $1.13 trillion, marking its lowest point since mid-March.
Crypto Liquidations Increase
As reported by CoinGlass, over $270 million in long positions have been liquidated in the last 12 hours. Additionally, $24.8 million in short positions were also liquidated during the downturn in the crypto market.
In the last 24 hours, a total of 116,630 traders were affected, with overall liquidations nearing $300 million. Binance recorded $2.89 million in liquidations, making it the leading platform for centralized exchange derivatives liquidations.
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Former BitMEX CEO Arthur Hayes remained unperturbed, asserting that risk markets were unsettled due to the TGA (U.S. Treasury General Account) refill, rather than the Binance-related fears.
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According to Glassnode, Binance has not experienced significant outflows, with approximately 10,000 BTC exiting the exchange. This represents about a 1.5% reduction in Binance’s balance, as per the analytics firm.
Altcoins Suffering the Most
Bitcoin has declined by 4.8% in the past 12 hours, trading at $25,754 at the time of this report. Such a decrease is relatively common for BTC, but it may appear more drastic given the recent calm in the markets. Moreover, BTC remains within its range-bound channel but is now precariously positioned at the lower end of that range.
Ethereum has only seen a 3.8% drop and continues to trade above $1,800, which is comfortably within its sideways channel. However, the same cannot be said for altcoins.
As anticipated, Binance Coin (BNB) has suffered the most, plummeting 9% to $276, its lowest price since March 12.
The SEC has also classified a significant number of crypto assets as securities, which have also faced substantial declines today. Alongside BNB, these include Cardano (ADA), down 7%, Solana (SOL), down 8%, and Polygon (MATIC), down 6.6%.
Other assets affected by the same securities designation include Algorand (ALGO), Cosmos (ATOM), Filecoin (FIL), Sandbox (SAND), Decentraland (MANA), and Axie Infinity (AXS).
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