Bitcoin and Ethereum take a hit as cryptocurrency market drops over 3% in 24 hours

As of February 17, Bitcoin, which is the cryptocurrency with the largest market capitalization, saw a decrease of 3.32% and was trading at $24250. Meanwhile, Ethereum had a decline of 2.72% and was trading at approximately $1,691.88.

On Friday, several other major cryptocurrencies experienced price drops, with Shiba Inu decreasing by over 6% and BNB, XRP, Cardano, and Dogecoin trading with cuts. The global cryptocurrency market cap was trading lower at around $1.08 trillion, down 3.13% over the last 24 hours.

Currently, the total volume in DeFi accounts for $7.93 billion, which is 9.84% of the total crypto market 24-hour volume. Additionally, the volume of all stablecoins is $74.32 billion, representing 92.22% of the total crypto market 24-hour volume.

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Crypto News

Amid increased scrutiny from regulatory bodies, Binance Holdings Ltd., the world's largest cryptocurrency exchange, is reportedly contemplating ending its relationships with US-based business partners. According to an anonymous source, the company is considering a retreat due to issues with a key banking partner and stablecoin issuer. Binance Holdings has been investigated by various organizations, including the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Justice Department, and the Internal Revenue Service.

The source states that Binance Holdings is evaluating the possibility of severing its connections with intermediary companies, such as banks and service providers, and re-evaluating its venture capital investments in the United States. Furthermore, it is considering removing tokens from any US-based projects, including Circle's USD Coin. It is worth noting that Binance Holdings is not permitted to provide cryptocurrency services to US customers. Instead, there is a separate, smaller exchange called Binance.US that claims to be independent and has no intentions of leaving the United States.

Major cryptocurrencies are trading as follows as of 9 am IST, 17 February 2023:

Bitcoin:$24,891.81
+2.87%

Ethereum: $1,725.26
+1.87%

Tether: $1.02 USD
+0.00%

USD Coin:$1.00 USD
+0.00%

BNB: $318.94
+1.87%

XRP: $0.3994
+1.09%

Dogecoin: $0.08946
+1.67%

Cardano: $0.4085
+1.30%

Polygon:$1.58
+8.44%

Polkadot: $7.45
+11.57%

Tron: $0.07018 USD
+3.55%