Crypto Market Shrinks 5% As SEC Opens Second Front In Exchange Crackdown

pummeled the digital-asset market on Tuesday morning, with the market declining 5% after the agency sued Coinbase for selling unregistered securities, less than 24 hours after taking similar action against Binance, the world’s biggest crypto exchange.

The market now stands at $1.13 trillion, according to CoinGecko, down 63% from a peak of $3.1 trillion in November. It tumbled tk% on Monday. “Encouragingly, the crypto market reaction to Coinbase so far has been minimal as investors seem to have already priced in a regulatory battle in the U.S.,” says Conor Ryder, research analyst at Kaiko. “The bigger price reaction to the Binance news yesterday is a reflection of the more global impact of Binance on markets,” he adds.

While digital-assets investors may have been braced for the latest SEC suit, that foresight did not extend to Coinbase’s stock, even though the company had been put on

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SEC Complaint Aims to Unilaterally Define Crypto Market Structure | Binance BlogWe are disappointed that the U.S. Securities and Exchange Commission chose to file a complaint today against Binance seeking, among other remedies, purported emergency relief. From the start, we have actively cooperated with the SEC’s investigations and have worked hard to answer their questions and address their concerns.
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Crypto Traders Suffer $320M Losses in Liquidations as SEC Lawsuit Against Binance Spurs Market PlungeCrypto traders endured the largest daily liquidation of long positions in at least 3 months, according to coinglass_com, as the market fell after an SECGov lawsuit against binance erased those betting on prices to rise. sndr_krisztian reports
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Bitcoin Rallies Above $27K as Crypto Market Shrugs Off SEC Lawsuits Against Binance, Coinbase$BTC rose over $27K as the wider crypto market rallied, despite SECgov lawsuits against binance and coinbase. $BTC may benefit from the crackdown, spurring investors to ditch altcoins, one observer noted. sndr_krisztian reports
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