The cryptocurrency market experienced a downturn after the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance, alleging that the company and its CEO violated federal securities rules.

Bitcoin's price dropped by 4.54% in the past 24 hours, trading at around $25,496. Despite the market's plunge, some major crypto investors, including Cumberland, FalconX, and FBG Capital, are buying the dip. However, retail traders should proceed with caution as further downside could occur shortly.