Bitcoin price falls below $26,000

Bitcoin prices fell below $26,000 in the early hours of Saturday, June 10.

At the time of writing, Bitcoin is trading at $25,500. Over the last 24 hours, the asset has fallen by 3.6%, according to CoinGecko.

Following Bitcoin, all top-10 assets by market capitalisation slid into the red over the day. Cardano (-24.8%) and Tron (-15.3%) posted the largest losses, while Solana (-27%) dropped to 12th in the ranking.

The total market capitalisation of cryptocurrencies slipped below $1.1 trillion. Bitcoin’s dominance index stood at 49.2%, Ethereum at 20.8%.

Earlier this week SEC filed suit against leading cryptocurrency exchanges Binance and Coinbase. The regulator Gary Gensler questioned the need for digital assets and called the crypto industry an outright fraud.

Cardano founder Charles Hoskinson said the SEC’s case against Binance was motivated by ‘political and philosophical disagreement’ with the agency’s very existence of cryptocurrencies.

Investor and Shark Tank star Kevin O’Leary believes that ‘crypto cowboys’ will soon be a thing of the past, as the Commission has thrown a ‘legal lasso’ around the two largest Bitcoin exchanges.

Former CFTC chairman CFTC Timothy Massad stated, that the future of digital assets depends on the outcomes of the SEC’s lawsuits against Binance and Coinbase.