Cryptocurrencies Push Lower as Regulatory Pushback Spreads
- Binance Coin is fourth-largest crypto token by market value
- About $144 million redeemed from BUSD in hours, Nansen says
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Most cryptocurrencies were lower, with the native token of the Binance exchange dropping the most since a November market meltdown, as the regulatory crackdown on the digital-asset sector heats up.
Binance Coin dropped as much as 11% to $279.50, erasing a portion of its gains registered during a broader market recovery in January. It tumbled about 18% on Nov. 9, when Binance pulled out of talks to purchase failed rival FTX. Cardano, Solana, Polygon and other so-called altcoins were lower. Bitcoin was little changed.