Following the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Binance and its founder Changpeng Zhao (CZ), the crypto economy experienced a substantial decline of over 5% against the U.S. dollar, reaching a total valuation of $1.13 trillion. Among the leading digital currencies, Binance’s BNB token suffered significant losses, dropping by 9.7% against the dollar in response to the SEC’s allegations. 9,802 Bitcoin Leaves Binance in 24 Hours, BNB and CAKE Suffer Market Losses The market’s response to the news of Binance being sued by the U.S. securities regulator has been far from positive, as indicated by current data. On Monday, crypto markets witnessed a substantial decline of approximately $50 billion in value following the announcement regarding . Among the major casualties of the day, Binance’s BNB coin stood out, experiencing a significant loss of 9.7% within a 24-hour timeframe. It ranked as the second-largest loser on June 5, trailing only behi
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