The recent lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC) against Binance, one of the world's largest cryptocurrency exchanges, has sent shockwaves through the market. As a result, bears are now in control of the market and Bitcoin (BTC) has fallen below $27,000.
According to reports from Crypto Press Cryptocurrencies News Network, the cryptocurrency market cap saw net outflows of $40 billion over the last 24 hours and currently stands at $1.12 trillion - down 3.42% from $1.16 trillion. During this period, Bitcoin and Ethereum's market cap fell by 4.25% and 2.75% to $516.82 billion and $210.35 billion respectively.
While XRP seemed to be unaffected by these developments, other top ten cryptocurrencies have also experienced significant losses.
The lawsuit against Binance was filed on Friday by the CFTC for allegedly allowing US users to trade derivatives without registering with regulators first as required under law.
As news of this lawsuit spread throughout social media platforms like Twitter where it became a trending topic within hours after its announcement; many investors began selling off their digital assets which led to an overall drop in prices across all major cryptocurrencies including Bitcoin (BTC).
With bears now firmly in control of the market following this latest development combined with ongoing regulatory concerns surrounding cryptocurrencies; it remains unclear what lies ahead for investors who may be wondering if they should hold or sell their digital assets at this time.
In conclusion, while some analysts believe that this is just a temporary setback for cryptocurrencies markets; others are more pessimistic about its long-term prospects given current events such as increased regulation that could continue having negative impacts on investor sentiment towards these emerging asset classes.
Note: This article is written in markdown format