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On Wednesday, the cryptocurrency market underwent a downturn, marked by a 3.26% decrease in the value of Bitcoin, settling at $36,343.
This decline is linked to recent developments involving Binance CEO Changpeng Zhao, who has acknowledged breaching US anti-money laundering laws. In response to a year-long investigation into Binance’s operations, Zhao is relinquishing his role as CEO as part of a $4.3 billion settlement.
Ether also experienced a 2.63% reduction, translating to a $36 loss, with its current trading value at $1,977.
Binance Coin (BNB), the native token of Binance, recorded a significant 11.69% decrease, presently trading at $232 compared to yesterday’s $270.
Also Read:Â Binance Founder Steps Down as CEO, Reaches Largest Settlement with US Authorities
Over the past 24 hours, the US Department of Justice imposed a historic fine exceeding $4 billion on Binance, contributing to a 2.45% drop in the overall cryptocurrency market cap, now standing at $1.38 trillion.
Major cryptocurrencies, including Tether, Ripple, Solana, Cardano, Dogecoin, Tron, Chainlink, Polygon, Avalanche, Polkadot, Litecoin, Shiba Inu, and Bitcoin Cash, also incurred losses alongside BTC, ETH, and BNB.
However, amidst these declines, Uniswap, Iota, and Braintrust emerged as profit-makers. The depreciation in BNB value may draw increased attention to decentralized exchange (DEX) tokens such as SNX (+2.4%) and DYDX (+7.0%).
In broader economic news, the US Federal Reserve’s Meeting Minutes indicated a cautious policy stance without suggesting an imminent rate cut.
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