The crypto market capitalization dropped by 3.6% after the SEC filed a lawsuit against Binance for allegedly allowing US users to access their platform and conducting unregistered crypto sales. The lawsuit caused a negative reaction in the market, with Bitcoin and Ethereum losing 4.2% and 3.1%, respectively.
Altcoins experienced larger losses, with PepeCoin leading the daily market's decline with a 14.9% drop. The total market capitalization of Tether's USDT increased by $12 billion, indicating a shift towards less risky investments.
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