BTC dipped to $21.7k as the SEC intended to sue Paxos for sell | Blockchain Usa Official (Binance)

BTC dipped to $21.7k as the SEC intended to sue Paxos for selling BUSD as an unregistered security. Due to risk aversion, market participants tend to sell and/or buy protection in case of fear of resembling an FTX collapse happening again.
Altcoins are often the first stop where a sell-off begins. Although BTC did not drop much, the altcoins encountered a bloodbath. Taking OP as an example, it dropped much more than the other tokens.