Last week was tough for cryptocurrency market. The Securities and Exchange Commission (SEC) has filed a lawsuit against Binance and Coinbase, accusing them of breaking securities regulations. The SEC also charged BAM Trading, the operating firm for Binance.US, with failing to register as a clearing agency, a broker, and an exchange.
The SEC has added thirteen more cryptocurrencies listed as a 'security' in its case against crypto exchanges Binance and Coinbase; the SEC introduced ten cryptocurrencies under the securities categorization in its action against these two crypto exchanges.
As the impact, Solana (SOL), Polygon (MATIC), and Cardano (ADA) slid more than 20% at the time of writing amid a likely risk-off event days after 13 tokens were alleged as securities in a U.S. Securities and Exchange Commission (SEC) lawsuit against crypto exchanges Binance and Coinbase. As such, major tokens such as BNB (BNB), Dogecoin (DOGE), and XRP (XRP) fell over 11%. Bitcoin (BTC) dropped 3.6%, while Ethereum (ETH) slid 4.5%.
The market capitalization percentage of Bitcoin is on the rise.
Despite this positive trend, the current price action of Bitcoin remains bearish, with a downward trajectory.
Amidst this turbulent market environment, many are hopeful for a rebound in Bitcoin's price, specifically around the $25,000 level. The $25,000 level holds significance as a potential support level, where buyers may step in and initiate a price recovery.
ETH's price action has also turned bearish, indicating a downward movement. Altcoins have been encountering significant losses in their market capitalization recently.
However, amidst this downturn, ETH stands out as one of the few altcoins that has managed to retain its market cap. While many other cryptocurrencies have experienced substantial declines, ETH has displayed resilience in preserving its value.
Although the overall cryptocurrency market sentiment remains bearish, ETH's ability to maintain its market cap showcases its inherent strength and investor confidence.
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