Bitcoin falls on a report that DOJ officials have concerns about a run on exchanges in the event of criminal charges against Binance.
Bitcoin fell more than 1% to below $29,000 in the minutes following the news hitting. A modest recovery since has brought the price back to $29,100, lower by 0.3% over the past 24 hours.sectors reflected the downturn as well. The broad CMI is lower by 1%, with the Digitization Sector down by 2.3% and the DeFi sector off 3%. Performing best is the Computing Sector, down just 0.50%.
Key drivers of Fitch’s rating downgrade included expected fiscal deterioration, an increasing U.S. debt burden, and the “erosion of governance” relative to peers. Not surprisingly, Binance’s native token, BNB Coin, had an even more pronounced move downwards, falling as much as 4%, also on higher than average trading volume.