First Mover Asia: Why Did Bitcoin Drop to $25.4K? SEC Lawsuit Against Binance Rocks Crypto Markets

Ether, the second largest crypto by market cap, was recently changing hands below $1,800, up more than 5% since Sunday. ETH and other major altcoins followed a similar path as bitcoin did on Monday, with their major declines immediately following the SEC lawsuit. BNB, Binance’s exchange token, and SOL, Solana Blockchain’s native cryptocurrency, recently fell by more than 10%. ADA and MATIC, the tokens of smart contract platforms Cardano and Polygon, respectively, and popular meme coin DOGE were up more than 8% recently. Even Litecoin, which has been rallying for the past few weeks, is down by more than 9%. The SEC suit called those tokens unregistered securities.