On August 3rd, trading session, major cryptocurrencies experienced a downturn following reports of potential fraud charges against Binance, a prominent crypto exchange, by officials from the US Department of Justice.
Bitcoin, which had surged to $30,000 recently due to positive developments such as the Fitch downgrade of US Treasuries and Microstrategy’s plan to increase their bitcoin holdings, saw a sudden drop in value after news outlets reported on the possibility of fraud charges against Binance. Edul Patel, Co-founder, and CEO at Mudrex, commented on the situation, noting the immediate impact on BTC’s price.
As of now, Bitcoin is trading above $29,100. Meanwhile, institutional investors are eagerly awaiting the US SEC’s decision on the approval of a Bitcoin Spot ETF, which could have significant implications for the market.
Litecoin’s halving event, which had generated considerable excitement, did not prevent the coin’s value from plummeting by more than 5% in the last 24 hours. Additionally, Uniswap’s token experienced a substantial decline of over 7.8% during the same period.
Crypto markets remain volatile, and investors are closely monitoring the situation with Binance and other regulatory developments, which may continue to impact the values of these digital assets.
is a experienced marketing and blockchain professional with a track record of developing and executing successful marketing strategies for blockchain startups. He currently works as a Marketing Executive at NonceBlox Pvt. Ltd. and is a keen reader and writer who loves talking about Blockchain, Web3, and Finance.