The cryptocurrency market once again showed a positive correlation with equities during the sell-off
The cryptocurrency market once again fell under selling pressure as investors pulled off gains.
According to data provided by CoinMarketCap, BNB on Solana (SOL), Avalanche (AVAX) and Binance Chain are down 12.24%, 11.46% and 8.81%, respectively, over the past 24 hours.
The cryptocurrency market once again showed a positive correlation with equities during the sell-off, as Nasdaq futures experienced a 0.95% drop at the same time that bitcoin fell from $31,362 to $29,184.
According to Coinglass, over $214 million worth of positions have been liquidated on derivatives exchanges in the past 24 hours. Solana faced liquidation of positions worth approximately $8.31 million.
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A day earlier, bitcoin and altcoins posted significant gains as the crypto market made an impressive comeback after taking a hit. On June 7, the price of bitcoin fell to a low of $29,184, which is about 6% lower than its recent high.
BNB cracks down on SEC probe
As previously reported by U.Today, the US Securities and Exchange Commission has opened an investigation into Binance’s BNB. The regulator wants to know whether the Binance exchange token is an unregistered security.
Binance launched its initial coin offering (ICO) in July last year, raising a total of $15 million through the exchange.
As stated, the investigation is on. According to speculators, the exchange may not face legal action from the regulator. BNB, which grew rapidly in 2021, is still the fifth largest cryptocurrency by market capitalization. Binance’s BNB is down almost 5% when the news broke.
