. The agency sued Binance, the world’s largest exchange by trading volume, on Monday, raising concerns that the latest regulatory crackdown would send markets plunging.
Ether was recently changing hands at $1,852, about where it perched on Wednesday, same time. The second largest crypto in market value held tight in “uptrend” territory of the, a bullish sign even as bitcoin has languished in a “downtrend” position.Tokens mentioned in the separate lawsuits rebounded slightly with BNB, the token of the Binance exchange, recently up 0.5% and ADA, SOL and MATIC, the tokens of the Cardano, Solana and Polygon smart contracts protocols, either flat or up slightly.
Meanwhile, in an email to CoinDesk, Sacha Ghebali, director of strategy at crypto information provider The Tie, wrote of “clear dislocations in the market, resulting in rapid outflows of capital” from Binance. On Wednesday, the BTC-U.S. dollar trading pair onas high as $28,800 – likely the result of “large investors and active traders stopping their trading activity and pulling assets off the exchange as a result of risk-mitigation actions,” Ghebali wrote.
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