A Bitcoin sell-off accelerated as digital asset sentiment soured following the collapse of crypto-friendly bank Silvergate Capital Corp. and news of New York State’s lawsuit against crypto platform Kucoin. A sudden plunge in a well-known exchange token linked to digital asset entrepreneur Justin Sun compounded the decline.
Bitcoin fell for the fourth straight day, falling as much as 8.8% to around $20,000 on Thursday, its lowest level since mid-January. Losses soared late in the afternoon in New York when the native token of the Huobi exchange plummeted after it was revealed that the New York Attorney General accused KuCoin of operating in the state without a license.
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