Bitcoin recorded a massive drop yesterday, falling nearly $2,000 hours after the Binance-DOJ news broke.
Altcoins experienced similar volatile moves and, unsurprisingly, Binance's native cryptocurrency was the most notable loser.
The BTC rollercoaster
The leading cryptocurrency attempted to break down the $38,000 level once again on Monday, after a few days of sideways trading around $36,500, but to no avail. Just like in the previous attempts, the bears quickly intercepted the move and did not allow BTC to even challenge $38,000 this time.
Reports then came that Binance had agreed to settle with the US Department of Justice, which initially had a positive impact on the cryptocurrency market. However, when everything became official on Tuesday and the Department of Justice Announced Following a settlement with Binance in which the latter had to pay a fine of $4.3 billion and its CEO Changpeng Zhao had to resign, prices plummeted.
Within minutes, BTC fell roughly between $2,000 and $35,600. However, it rebounded and shot above $36,600, where it currently sits, leaving more than Settlements worth $200 million.
Bitcoin's market cap has suffered and dropped to $715 billion, and its dominance over alternatives has dropped to 51.5% on CMC.
BNB is the one that breaks down the most
As probably expected, Binance's native token was the hardest hit amid this fiasco. BNB went from a 5 month peak from over $270 to a three-week low of $222 in a matter of hours. Now, however, the asset has regained some ground and stands above $235.
The rest of the largest capitalization alternatives are also in the red on a daily basis. Ripple, Solana, Cardano, Dogecoin, Tron, Avalanche and Polkadot have fallen between 3% and 4%. Polygon's MATIC has plunged more than 5.5% to $0.75.
However, there are some winners among the top 36 alternates. These include Uniswap, Lido DAO, OKB, RUNE and a few others.
However, the entire crypto market capitalization lost $60 billion at one point in the day and although the market is slightly better now, the metric is still below $1.4 trillion on CMC.
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