Crypto Price Today: Bitcoin falls after Binance CEO pleads guilty to violating US laws, BNB down 11 percent

Bitcoin fell by 3.26 percent on Wednesday, November 22, while most cryptocurrencies next to them showed losses. At the time of writing, Bitcoin was worth $36,343 (approximately Rs 30.28 lakh). The reason behind this huge market decline is the conversation between Binance CEO Changpeng Zhao and US officials. Essentially, Zhao has pleaded guilty to breaking US anti-money laundering laws, facilitating a $4.3 billion (roughly Rs. 35,828 crores) settlement to end a year-long investigation into his operations. He also announced that he is stepping down as CEO of Binance.

On Wednesday, the price of Ether declined by 2.63 percent and lost $36 (approximately Rs 2,997). At the time of writing, ETH was trading at $1,977 (approximately Rs 1.63 lakh). Meanwhile, the price of Bitcoin has dropped by $1,129 (approximately Rs 94,020).

It is noteworthy that a huge decline of 11.69 percent has been recorded in the price of Binance’s native token i.e. Binance Coin. Currently, it is trading at $232 (approximately Rs 19,389) after its overall market capitalization declined by more than nine percent in the last few hours. Just yesterday, Binance was trading at $270 (approximately Rs 22,4845).

“Over the past 24 hours, the US Department of Justice (DOJ) has fined Binance more than $4 billion (roughly Rs. 35,804 crores), making it one of the largest penalties the DOJ has ever received from a corporate defendant. Has gone. A criminal case,’ CoinSwitch Market Desk told Gadgets 360.

Cryptocurrencies trading with losses along with BTC, ETH and BNB include Tether, Ripple, Solana, Cardano, Dogecoin, Tron and Chainlink.

Polygon, Avalanche, Polkadot, Litecoin, Shiba Inu and Bitcoin Cash are also trading in the red reflecting losses.

The total crypto market cap has fallen by 2.45 percent in the last 24 hours and has now reached the mark of $1.38 trillion (approximately Rs 11.4 crore). coinmarketcap,

“In macroeconomic news, US Fed meeting minutes indicated a cautious policy stance without suggesting a rate cut,” the CoinDCX research team told Gadgets360.

Among the cryptocurrencies making profits today, only Uniswap, Iota and Braintrust managed to make their presence felt.

“With the BNB coin declining in value, DEX-based tokens could see some further growth, particularly SNX (+2.4 percent) and DYDX (+7.0 percent),” Coinswitch said.


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