Cryptocurrency market once again showed positive correlation to equities during sell-off
The cryptocurrency market fell again under selling pressure as investors pulled in gains.
Solana (SOL), Avalanche (AVAX) and Binance Chain’s BNB are down 12.24%, 11.46% and 8.81%, respectively, over the past 24 hours, according to data provided by CoinMarketCap.
The cryptocurrency market once again showed a positive correlation with stocks on the sell-off, with Nasdaq futures falling 0.95% as Bitcoin plunged from $31,362 to 29 $184.
More than $214 million worth of positions on derivatives exchanges have been liquidated in the past 24 hours, according to Coinglass. Solana suffered liquidations of positions worth nearly $8.31 million.
A day earlier, Bitcoin and altcoins posted strong gains as the crypto market staged an impressive comeback after taking a hit. On June 7, the price of Bitcoin slid to an intraday low of $29,184, falling nearly 6% from the recent high.
BNB tumbles on SEC’s investigation
As previously reported by U.Today, the U.S. Securities and Exchange Commission has initiated an inquiry into Binance’s BNB. The regulatory watchdog wants to know if the Binance exchange token is an unregistered security.
Binance launched its initial coin offering (ICO) in July last year, during which a total of $15 million was raised through the exchange.
As stated, the investigation remains ongoing. According to speculators, the exchange may not face legal action from the regulator. BNB, which grew rapidly in 2021, is still the fifth largest cryptocurrency in terms of market capitalization. Binance’s BNB dropped roughly 5% as the news broke.
