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Bitcoin, Ether Tumble After Fresh Case Engulfs Binance in Legal Trouble in US

Tuesday, March 28, saw a slight uptick in the price of bitcoin after the US government sued Binance for some of its business practices. Within the past 24 hours, the price of Bitcoin fell by 3.65 percent. BTC is currently trading at a price of $26,941 on both domestic and foreign exchanges. (roughly Rs. 22 lakh). Over the previous day, the most costly and oldest cryptocurrency lost $931 (approximately Rs. 76,557). A sizable portion of alternative currencies followed Bitcoin to the negative side of the price curve.

The price of ether decreased by 3.37 percent over the past day. ETH’s price at the moment of writing was $1,710. (roughly Rs. 1.40 lakh). The worth of ETH has decreased by $55 in the past day. (roughly Rs. 4,521).

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Losses were reported by Tether, USD Coin, Cardano, and Polygon.

Tron, Solana, Polkadot, and Litecoin values also dropped precipitously.

Both Binance USD and Binance Coin suffered loses as the US government clamped down on Binance.

“Crypto prices dropped over the past day as a result of Binance being sued by the Commodity Futures dealing Commission for dealing in crypto derivatives with US-based clients. Similar practices are prohibited in the US and, in the opinion of regulators, subject consumers to unwanted risks. In addition to the Coinbase-SEC dispute, this has had an effect on token prices and community opinion over the past few days, according to Rajagopal Menon, vice president of WazirX, who spoke with Gadgets 360.

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According to CoinMarketCap, the total market capitalization of cryptocurrencies decreased by 3.07 percent in the previous day to reach $1.13 trillion (roughly Rs. 92,63,336 rupees).

These past few days have seen legal issues for a number of well-known figures in the cryptocurrency industry.

Prices of these individual tokens were hampered in the US by allegations of securities fraud involving Justin Sun’s Tron (TRX) and BitTorrent (BTT) tokens as well as the SEC subpoenaing the founders of SUSHI. Even as the overall markets continued to rise, all of these impacted cryptocurrencies have seen their prices fall.

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The Ripple v. SEC case, where Ripple supporters are expressing optimism that XRP won’t be deemed a security by the courts, provided the week’s only bright spot. As a consequence, XRP prices increased by 21% over the course of the week. The weekend saw a decline in the instability of the cryptocurrency markets, according to CoinSwitch’s Parth Chaturvedi, lead of the crypto ecosystem.

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