BTC, BNB slump as ‘CZ’ steps down, pleads guilty
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs), fell sharply in the last 24-hours after Binance CEO Changpeng “CZ” Zhao, resigned from the world’s largest crypto exchange and pleaded guilty to several criminal charges from the Department of Justice.
Bitcoin (BTC) and the Binance native token BNB witnessed sharp reaction to their price.
BTC slumped below $35,000 mark amid increased selling pressure. The world’s largest cryptocurrency by market cap is recently seen changing hands at $36,160 down 3.7%.
Ether (ETH) has also dropped below $2,000 level. It was currently offered at $1,967 losing 3.4%.
BNB lost nearly 11%, with Binance now facing an over $4 billion fine for breaking several U.S. anti-money laundering laws and skirting financial regulations.
CZ pleaded guilty in a Seattle court on Tuesday, and announced his resignation on social media platform X. Richard Teng, former head of Abu Dhabi’s financial authority and currently the head of Binance’s regional markets, will take his place as CEO.
Other large altcoins, continue to witness selling pressure, as recent run-up has opened up an opportunity to take some profits of the table. Solana (SOL), Cardano (ADA), XRP are sitting in losses.
As a result, the global crypto market cap decreased 3.9% to $1.36 tn, in the last 24-hours. On the other hand, the total crypto market volume increased 26.6% to $68.6 bn. The total volume in DeFi is currently $6.9 bn and all stablecoins $61.8 bn, representing 10.1% and 90.1% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.7%, up 0.2% over the day.
IC15 index, the barometer of top fifteen tokens, plummets 4.2% to 45,492.
Meanwhile, Binance is set to make a complete exit from the U.S., pay billions in fines and appoint a monitor for five years to settle charges with the Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Asset Control (OFAC), the U.S. Treasury Department’s money laundering and sanctions watchdogs.
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