Binance Coin has dropped by over 5% in the past 24 hours following the news regarding BUSD and Paxos.

Bitcoin had tapped $22,000 hours before the latest regulatory scrutiny coming from the US, this time going after Paxos and the BUSD stablecoin the company issues.

Somewhat expectedly, the altcoins have reacted even worse, with HBAR, APT, FTM, GRT, and a few others dumping by double digits.

Given the relationship between Binance Coin and BUSD, it was somewhat expected that the former will lose some of its dollar value following the US regulatory scrutiny. BNB is down by roughly 6% on a daily scale and trades well beneath $300.

Dogecoin, Polygon, Shiba Inu, Avalanche, Uniswap, ATOM, and Chainlink are in no better shape from the larger-cap alts, all of which have marked similar price declines.

Ethereum is beneath $1,500 after another 3% daily drop. Ripple, Cardano, OKB, SOL, DOT, and LTC are also in the red.

Even more daily losses are evident from LDO, APT, HBAR, FTM, and GRT, as they are all down by double digits.

The cumulative market cap of all crypto assets has lost the coveted $1 trillion line on CMC and is down to $990 billion.

(By Jordan Lyanchev)