The market is currently experiencing a downturn fueled by an unsettling combination of FUD (fear, uncertainty, and doubt). Adding to this challenging situation is the recent lawsuit filed against crypto exchange giants Coinbase and Binance by the US Securities and Exchange Commission.
Both Binance and Coinbase were charged by the SEC of being unregistered exchanges that sold unregistered securities, including Binance’s own digital assets, BNB and the Binance USD (BUSD) stablecoin.
As a consequence of this disheartening news, Binance’s netflow on the Ethereum blockchain has plummeted to a staggering negative $776.8 million.
This event led to the crypto market dropping over 3% in the past 24 hours at the time of writing as significant cryptocurrencies slid, pulling the entire market downwards. Meanwhile, Bitcoin, for its part, continues to languish below the $27k region.
Thus, these top five cryptocurrencies are a must-avoid for investors if they want to stay in the green this week.
Netflow to Binance over the past 24 hours is $778.6M negative on Ethereum – $871.7M in and $1.65B out
Over the past hour, netflow on Ethereum continues to be negative at $35.7M on Ethereum – $14.8M in and $50.5M out
Track it here https://t.co/nwTgpXWhZY and filter for “Binance” pic.twitter.com/jnNAN0QKVy