Cryptocurrencies
Bitcoin Retreats; Justin Sun-Linked Coins Drop After SEC Charges
- Largest cryptocurrency has rallied about 60% so far this year
- Bitcoin has benefited from global banking system turmoil
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Bitcoin pulled back from its highest price level since June and smaller cryptocurrencies slumped after the Federal Reserve’s interest-rate increase eased speculation that looser monetary policy would fuel demand for digital assets.
Other tokens associated with crypto entrepreneur Justin Sun dropped sharply after the US Securities and Exchange Commission charged him and three of his companies with offering and selling unregistered securities, as well as price manipulation. TRX, the token associated with the Tron network that Sun started, dropped around 12%. The price of BTT, a token associated with BitTorrent, fell by more than 1%.