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Why is the crypto market down today?

Published 06/12/2023, 03:24 PM
Updated 06/13/2023, 12:20 PM
© Reuters
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Price action across the crypto market remains tilted to the downside as investors and businesses digest the consequences of the SEC’s charges against Binance and Coinbase (NASDAQ:COIN) exchanges.

The lawsuits have also affected the decentralized financial (DeFi) markets by reducing total liquidity and most analysts believe that more pain is on the way.

Cryptocurrency market performance, 30-day chart: Coin360
Binance exchange reserves. Source: Glassnode
Global economic health. Source: U.S. Bank
Bitcoin exchange inflows and outflows. Source: Glassnode
All protocol ecosystems total value locked. Source: DeFiLlama

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