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Cryptocurrencies recovered some of their losses a day after Monday’s sell-off when the U.S. Securities and Exchange Commission sued Binance and deemed multiple altcoins unregistered securities.
ALSO: Why Binance's alleged co-mingling of assets isn't the same as FTX's alleged co-mingling of assets.
Citi research strategists say crypto markets were not immune to fears of the U.S. defaulting on its debt.
The underperformance stems from hidden costs of rolling futures contracts every month as they expire called the “contango bleed,” exacerbated by this year’s rebound in BTC price.
Investors awaited a House vote on the debt limit deal, scheduled for Wednesday.