The recent regulatory action against Paxos and Binance over the partnership's dollar-pegged stablecoin has spooked investors.
Following the crackdown from the SEC and the New York Department of Financial Services yesterday, Binance's native token BNB fell more than 5%, before recovering some early this morning.
The exchange token is trading at $291.47, per CoingGecko, having fallen from roughly $301 yesterday. BNB has faced a tough week overall and has dropped a whopping 10% over the past seven days.
In terms of overnight liquidations, leveraged BNB traders were blown out to the tune of $2.09 million, according to Coinglass.
BNB is still one of the top-five largest cryptocurrencies by market capitalization, boasting more than $45 billion in total value.
(By Liam J. Kelly)
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