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Fortune
Fortune
Ben Weiss

Bitcoin, Ether, BNB, and other tokens tank after SEC sues Binance and Changpeng Zhao

Changpeng Zhao Binance SEC Bitcoin Crypto Coinbase
A man on a mountaintop holds onto a coin via a rope. (Credit: Illustration by Fortune)

(Some Fortune Crypto pricing data is provided by Binance.)

Bitcoin was down approximately 4%, Ether about 4.5%, and Binance's token, BNB, dropped approximately 8% in the first hour after the Securities and Exchange Commission sued top crypto exchange Binance and Changpeng Zhao, its founder and CEO, in a 136-page court filing.

The precipitous decreases in the largest cryptocurrencies by market capitalization mirrors the downswing of the broader market, as the total market capitalization for all cryptocurrencies dropped approximately 4.5% in the first hour after the suit, according to CoinMarketCap.

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