The cryptocurrency market was seen trading in the red zone in the early hours of today.
The total global cryptocurrency market cap drops by 1.67% to 1.19trn, with top cryptocurrencies Bitcoin and Ethereum prices tumbling 2.4% and 1.9% each.
Before the recent legal actions and investigations against crypto exchanges, the market movement has not been stable.
Binance CEO, Changpeng Zhao has been under regulatory scrutiny by the U.S.
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Commodity Futures Trading Commission (CFTC) on anti-money laundering and know-your-customer policy compliance issues with the most recent one from an Australian regulatory investigation.
All these cause a lot of worries across the crypto market with investors having a strong willingness to sell, driving the price of bitcoin, Ethereum and other altcoins down. Analysts would continue to monitor the movement of the market and place more attention on the Bitcoin movement.
If Bitcoin tumbles and trades to the downward trend, Ethereum will head down and every other altcoin will follow suit.