Bitcoin stabilised above $25,000 on Tuesday after a steep dive overnight, as investors grappled with news that the U.S. securities regulator sued crypto exchange Binance, dealing a severe blow to the industry.
Bitcoin , the world's largest cryptocurrency, was last at $25,797, up 0.2% in Asian trade on Tuesday, pinned near a more than two-month low. It had slumped more than 5% in the previous session, the largest daily decline since April 19., the world's largest cryptocurrency exchange, and its CEO Changpeng Zhao for secretly controlling Binance.US as part of a "web of deception" to evade U.S. laws, among other charges.
"If what alleging is true ... well, Binance is the biggest, and if this is going on at the biggest, what's happening at the smallest? That is the natural link. It doesn't fill investors with confidence."Reuters earlier reported thatIn statements, Binance said it had been cooperating with the SEC's probes and had "worked hard to answer their questions and address their concerns" including by trying to reach a negotiated settlement.
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