Crypto Crash Imminent? US WatchDog Actions Troubles Market – Crypto News – Crypto News
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Crypto Crash Imminent? US WatchDog Actions Troubles Market – Crypto News

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Crypto Crash Ahead? The global crypto market printed red indexes on Tuesday ahead of the crucial Consumer Price Index (CPI) data release. The cumulative market cap saw a decline of over 1% over the past day to stay above the vital $1 trillion level. However, surging US Securities and Exchange Commission (SEC) Scrutiny over the digital industry has been identified as a major reason behind the decline.

Crypto Market To See More Volatility?

The biggest of the crypto assets Bitcoin (BTC) and Ethereum (ETH) prices have declined by more than 5% and 8% over the past 7 days. However, the recent crypto market decline has been triggered by New York’s regulatory body’s notice to end the issuance of Binance USD (BUSD)a stablecoin.

The recent US SEC crackdown on Paxos, the issuer of BUSD, has left a deep impact on Binance’s BNB token. As per data, bnb prices have dropped by a massive 7% in the last 24 hours. It is trading at an average price of $293, at press time.

US financial watchdog’s probe around BUSD, the third largest stablecoin, has left the crypto market bleeding. Investors seem to be fearful and doubtful about the US SEC’s next move. However, recent events like the collapse of FTX have already shaken the confidence of traders. Will Crypto Market Crash Following CPI Data Release Read Here…

Probe around Paxos Trust Co. and BUSD has also raised concerns over the top two stablecoins, Tether (USDT) and USD Coin (USDC). Data depicts that around $342 million of BUSD has been redeemed over the past 24 hours.

Ashish believes in Decentralization and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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