To enable free publications, some publications contain affiliate hyperlinks. This costs you nothing as a reader.
The crypto market was shaken last week when news came out that Binance has been sued by the US Securities and Exchange Commission (SEC). The entire market turned red and less than 24 hours later, the financial regulator took it a step further by also taking Coinbase to court. However, Bitcoin (BTC) and some altcoins showed resilience and then skyrocketed by several percent. Many crypto coins, on the other hand, are having a very hard time at the moment and are significantly lower than a week earlier.
At the time of writing, the bitcoin price is $26,432 on Binance and $24,682 on Bitvavo.
The total crypto market cap is equal to $1.1 trillion and the Fear & Greed Index comes in at 53 (neutral).
The Dutch crypto exchange Anycoin Direct is currently offering a nice promotion to welcome all new users and also help them on their way. Anyone who signs up via this link can trade the first $1,500 for free on the popular platform.
SEC opens the hunt for Binance
The SEC’s hostile attitude towards the crypto market has been widely reported in the crypto news. This week, the financial watchdog appears to be looking to ramp up its reputation in that regard as it has filed a total of thirteen charges against Binance.
According to the SEC, the world’s largest crypto exchange has violated federal securities laws. In addition, the exchange would have failed to deny US crypto investors access to Binance.com and would function as an unregistered exchange and broker.
Binance’s CEO, Changpeng Zhao (CZ), has also been accused of secretly ”controlling” Binance.US and furthermore, a CZ-owned entity allegedly controlled the trading volume of this US arm. have blown up.
Coinbase is not spared in hunting season
Less than 24 hours later, the news came out that Coinbase is also being taken to court. The charges against the listed company also relate to the fact that it operated as an unregistered stock exchange and allowed trading in securities without a license.
These altcoins are designated as securities by SEC
The crypto country is also in turmoil as the SEC has listed a whopping 61 cryptocurrencies as securities, i.e. securities. Big names like build ‘n build (BNB), Binance USD (BUSD), solana (SOL), cardano (ADA), polygon (MATIC), cosmos (ATOM), the sandbox (SAND), decentraland (MANA), axie infinity (AXS) and coti (COTI) are each labeled as securities by the regulator.
Binance’ BNB is the biggest loser of the week
That Binance’s own token, BNB, is part of the massive list of cryptocurrencies that the SEC considers securities, is clearly reflected in the price. BNB is down by more than 15%, making it the hardest faller of the past seven days in terms of the top fifteen crypto coins.
While bitcoin is currently several percent higher than its post-coinbase indictment low, BNB has only fallen further. At the time of writing, the price stands at $258.66.
📉 #BinanceCoin has been hammered compared to the rest of the markets these past couple days. Now -15% since Sunday, social dominance has surged as the asset has become quite polarizing. $BNB trading volume is at 5-week high levels as well. https://t.co/E7sU59lkRe pic.twitter.com/FL0Er5vmQa
— Santiment (@santimentfeed) June 7, 2023
Cardano turns dark red after SEC allegation
ADA is also one of the industry big boys that the SEC claims is a security. While Cardano founder Charles Hoskinson is positive and calls on the entire industry to join forces, the ADA share price is currently under water.
At the moment, the price is more than 12% lower than a week earlier, bringing it to $0.3279.
Polygon drops to lowest price in 6 months
MATIC has even fallen to its lowest point in six months as a result of the SEC claim. The number ten crypto in terms of market capitalization has fallen below the $ 0.80 mark for the first time since January 6.
The price is currently down almost 13% over the past week, bringing it to $0.7726.
📊 Although many assets enjoyed a solid rebound day, $MATIC has hit a wall of late. The latest setback appears to be a $95M transfer from a whale cold wallet to #binance as the #10 market cap asset fell below $0.80 for the first time since January 6th. https://t.co/7i2FJI1yIP pic.twitter.com/VHo7FjYV72
— Santiment (@santimentfeed) June 7, 2023
Trade with Anycoin Direct
Do you also want to buy your favorite crypto coins quickly and easily? make an account at the Dutch crypto exchange Anycoin Direct to trade the first €1,500 for free.