The cryptocurrency market is facing a series of bad events. The US Commodity and Futures Trading Commission has filed a lawsuit against the world's leading cryptocurrency exchange and its CEO.
The CFTC charged Binance and Changpeng Zhao with not complying with many existing regulations. The market continued to react following this sentiment and the price of Bitcoin plunged below $27K.
At the time of writing, BTC price is trading at $26,892.29, a drop of 3.12% in 24 hours. It managed to recover a bit after plunging to daily lows around $26,508 (on Binance).
There are various allegations in the 74-page complaint, some of which state that Binance has accepted orders and facilitated trades involving multiple crypto assets for customers in the US, etc.
This sentiment has influenced market players in taking their stakes. Altcoins are also trading lower for the most part, with the only notable exception being Ripple's XRP.
Overall, it was a bad day for the market and now the market is focused on the CFTC lawsuit against Binance.
