As the news came out of Changpeng Zhao, the CEO of Binance, resigning as part of a massive settlement with the United States Securities and Exchange Commission (SEC), it has only become the icing on the cake in one of the worst slaughters on the cryptocurrency market this year.
Indeed, the market capitalization of the cryptocurrency sector has dropped by over 2% in the last 24 hours, having lost $30 billion as it declined from $1.41 trillion to $1.38 trillion, according to the latest data retrieved from the crypto analytics platform CoinMarketCap.
Total crypto market cap 1-day chart. Source: CoinMarketCap
Altcoins declining
Meanwhile, altcoins alone had already seen shrinking market caps before the Binance shocker, albeit some more so than others in one of the “bloodiest days of 2023,” as per the most recent information shared by crypto on-chain and social metrics tool Santiment in an X post published on November 22.
This was particularly and expectedly evident in the example of Bi
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