Binance's Legal Woes Cause Crypto Market Turmoil.
Bitcoin's price fell to $25.4K after the SEC sued Binance, causing concerns about industry integrity and regulatory control over exchanges. Other major cryptocurrencies, including Ether, BNB, SOL, ADA, MATIC, DOGE, and Litecoin, also experienced declines. Meanwhile, stETH's market cap has grown to become the seventh largest among digital assets due to the market's growing comfort with staking. Lido dominates the staking market, controlling 28% of the market with $13.4 billion in total value locked. The SEC's actions are pushing many crypto projects out of the United States, and it will take time to restore confidence.