Several altcoins have experienced sharp declines:

  • ACT Token: Plummeted by 50% within minutes, possibly due to a trading bot glitch.

  • Other Altcoins: Tokens like PEPE, MEME, and SHIB have also seen significant losses.

📰 Regulatory Developments

In a surprising turn, the U.S. Securities and Exchange Commission (SEC) has dropped its lawsuit against Binance and CEO Changpeng Zhao. This decision follows a prior $4.3 billion settlement with the Department of Justice and Zhao's resignation as CEO. The dismissal may indicate a shift toward a more cooperative regulatory approach under the current U.S. administration.

📊 Contributing Factors

Several elements are influencing today's market downturn:

  • U.S. Tariffs: Recent tariff announcements by President Trump have unsettled global markets, indirectly affecting cryptocurrencies.

  • Liquidity Concerns: A "liquidity hunt" appears to be targeting over-leveraged long positions, leading to forced liquidations.

  • Profit-Taking: Short-term investors are securing profits, adding to the selling pressure.

  • Market Closure: The upcoming U.S. Memorial Day weekend may be contributing to reduced trading volumes and increased volatility.

Market analysts are closely watching Bitcoin's performance relative to its 20-day moving average. A recovery above this level could signal a potential rally, while continued weakness might lead to further declines toward the $95,000 mark.

Given the current volatility, investors are advised to exercise caution and consider risk management strategies.

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