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Binance Suit Triggers Crypto Market Downfall with Index Plunging to March Levels

Binance Suit Triggers Crypto Market Downfall with Index Plunging to March Levels

SEC's lawsuit against Binance continues to shake the crypto market.

With the recent legal onslaught faced by Binance from the US Securities and Exchange Commission (SEC), the digital asset industry has been cloaked in a layer of uncertainty, mirroring the levels last experienced in March.

The SEC is holding Binance accountable for thirteen allegations. SEC's charges center on the violation of registration requirements and conducting unauthorized operations in the United States.

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Following the lawsuit, the cryptocurrency market sentiment experienced a significant slump. On June 5th, the Crypto Fear and Greed Index showed 53 before eventually falling to 44 on June 6th.

To evaluate the crypto market sentiment, the index put together various indicators such as price volatility, momentum, trading volume, social media activity, and Google trends data. Therefore, the index provides a comprehensive snapshot of the market's emotional pulse.

BitDegree Crypto Fear and Greed Index

It is worth noting that, recently, there has been a significant downfall in "Crypto" searches on Google.

The SEC's legal maneuver against Binance largely impacted the fall in digital asset prices. On June 6th, top-tier cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) reported 24-hour losses of 4.20% and 3.05%, respectively.

Major altcoins were also dragged into the undertow. Cardano (ADA) and Solana (SOL) have sunk by 5.95% and 7.16% over the past 24 hours, respectively, painting a grim picture for the broader crypto market.

Thus, the recent lawsuit against Binance by the SEC has injected a wave of anxiety into the market, as indicated by the drop in the Crypto Fear and Greed Index. Legal actions of such magnitude have substantial repercussions on market sentiment.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



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