Bitcoin steadies above $25,000 as Binance SEC lawsuit rattles investors

Bitcoin stabilised above $25,000 on Tuesday after a steep dive overnight, as investors grappled with news that the U.S. securities regulator sued crypto exchange Binance, dealing a severe blow to the industry.

Bitcoin, the world’s largest cryptocurrency, was last at $25,797, up 0.2% in Asian trade on Tuesday, pinned near a more than two-month low. It had slumped more than 5% in the previous session, the largest daily decline since April 19.

The U.S. Securities and Exchange Commission on Monday sued Binance, the world’s largest cryptocurrency exchange, and its CEO Changpeng Zhao for secretly controlling Binance.US as part of a “web of deception” to evade U.S. laws, among other charges.