Binance's BNB, other altcoins hit hard after a humdinger of a week
Quick Take
- Altcoins are sliding after a long week that featured the arrest of Sam Bankman-Fried, the Fed’s rate hikes and a grilling of CZ.
Altcoins are sliding after a whirlwind week featuring a CEO in handcuffs, a central bank likely to keep hiking rates for the foreseeable future and an accounting firm that's given up on crypto firms.
Binance's BNB, AAVE, ATOM, LTC and DOGE were all trading down around 10% at 6:45 p.m. EST over the past 24 hours, according to CoinGecko.
Source: CoinGecko
Bitcoin was also lower, though by less, declining 4.4%.
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The slide in cryptocurrency prices comes after a very busy week for crypto and traditional markets. On Monday, Sam Bankman-Fried, the disgraced former CEO of bankrupt exchange FTX, was arrested in the Bahamas and hit with a bevy of charges by various U.S. institutions. On Wednesday, the U.S. Federal Reserve raised interest rates as expected, but made clear there will be more pain ahead.
On Thursday, Binance CEO Changpeng "CZ" Zhao got a grilling from CNBC reporters. And, finally, earlier today, accounting firm Mazars said it was temporarily ceasing all work for its crypto exchange clients, including proof-of-reserves reports for the likes of Binance, KuCoin and Crypto.com.
Disclaimer: Beginning in 2021, Michael McCaffrey, the former CEO and majority owner of The Block, took a series of loans from founder and former FTX and Alameda CEO Sam Bankman-Fried. McCaffrey resigned from the company in December 2022 after failing to disclose those transactions.
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