Bitcoin and other crypto prices dropped sharply during the early trading session on Tuesday after the SEC sued Binance over illegal operations in the US during the overnight trade. The crypto industry’s latest blow rocked digital asset prices on Monday. Bitcoin dropped sharply on Tuesday as the largest crypto token tanked more than 4 per cent, falling below the $26,000 mark during the early day. Its largest peer, Ethereum, was also weak as it dropped more than 3 per cent but remained above $1,800-levels. Majority of altcoins were in deep red, falling in tandem. Crypto markets have come under a selling pressure in the last 24 hours. The crypto fear and greed index has fallen by 9 points leading to its entry into the fear zone for the first time in nearly 3 months. This could be attributed to the latest accusations by the SEC against Binance of its failure to comply with US Securities law, said Shubham Hudda, Senior Manager, CoinSwitch Markets Desk. "The SEC’s lawsuit has explicitly called out several popular coins like SOL, ADA, MATIC as securities causing their price to significantly fall as well. Meanwhile, the largest stablecoin provider Tether has decided to invest in renewable crypto mining operations in El Salvador where BTC is an official currency.," he said. All other top crypto tokens, even the stablecoins, were trading lower on Tuesday. BNB tumbled 8 per cent, while Solana and Dogecoin dropped 7 per cent each. Cardano, Polygon and Litecoin declined 6 per cent each, while Avalanche and XRP were down 5 per cent each. The global cryptocurrency market cap was trading sharply lower, falling to $1.09 trillion-mark as it dropped about 4 per cent in the last 24 hours. However, the total trading volumes zoomed about 90 per cent to $46.86 billion. Note: Price change in last 24 hours Tech View by WazriX Trade Desk Theta (THETA) is a video streaming network that utilizes blockchain technology. It was introduced in March 2019 and functions as a decentralized network, allowing users to share bandwidth and computing resources with each other on a peer-to-peer (P2P) model. On the weekly time-frame, the THETAUSDT had been on a decline since August, last year. However, the trend is on the verge of a breakout from the descending trendline, with the THETA price gaining nearly 18% in the past week. An immediate support is expected at 0.7 USDT and next resistance is expected at 0.91 USDT(Views and recommendations given in this section are the analysts' own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the assets mentioned.)
