SEC Lawsuits Against Coinbase and Binance Shake Crypto Market.

Bitcoin falls below $26.5K amid a wider crypto decline as Binance and Coinbase-related fears linger. The decline in bitcoin and ether prices since 2022 mirrors the decrease in stablecoin balances over the same period. The SEC fallout was fierce on Wednesday, with Binance Smart Chain's native token, BNB, dropping 7.6% from Tuesday, same time, and at one point earlier in the day sank to about $252, its lowest price since early January. The amount of stablecoins held on exchange addresses has declined from 32 billion to 19 billion between January 2022 and June 2023, which could serve as a precursor to buying demand.