The crypto market is recovering somewhat from the blow that the US Securities and Exchange Commission dealt this week. A large number of prices are making a big bounce and we even have a few coins that break out strongly.
However, this does not apply to the entire market. Several altcoins, including those in the top 10, do not recover nearly as strongly or fall even deeper. Which coins these are seems to depend on whether they were named by the SEC as possible securities in the lawsuit against Binance and Coinbase. The total market capitalization of crypto nevertheless rises by 1.6% to $1.155 trillion.
⚡ Market Overview #BTС price trades near $27K
The Top-10 are traded in different directions: $ADA -3.04%, $DOGE +4.27%, $BTC +4.11%
Market capitalization: $1.23T (+3.5%)… pic.twitter.com/epubts4gAV
— CryptoRank Platform (@CryptoRank_io) June 7, 2023
Bitcoin price loses grip again at $27,000
Bitcoin (BTC) made a big bounce yesterday. In fact, it was one of the strongest bounces on the market. However, Bitcoin is struggling to hold above USD 27,000 this morning and is currently dropping to USD 26,500. Nevertheless, BTC is still 3% up today.
However, #Bitcoin‘s Funding Rate has spiked up, likely due to late longoors.
We typically see a bit of a pullback until this is resolved. https://t.co/1pjiJIrQ9I pic.twitter.com/RfGytCbZHB
— Decentrader (@decentrader) June 7, 2023
Ethereum back to $1,850
Ethereum (ETH) followed bitcoin yesterday, but rose slightly less quickly. This morning, on the other hand, ETH held up more strongly, but at the time of writing seems to be losing grip and is falling slightly. At $1,850, ETH is currently up 1.7%.
Users withdrawing from Binance US.
ETH outflows from Binance US spiked after SEC seeks order to freeze the exchange US assets. pic.twitter.com/hZ1XxFpyFZ
— Julio Moreno (@jjcmoreno) June 6, 2023
Cardano hardest descender from crypto top 10 and top 100
Solana (SOL) is already having a bit of a hard time and is currently possibly dropping through $20 and is down 1.5%. Binance coin (BNB) took a hard hit this week and is currently dropping to $272, which means that the price is down 2.7%. the minus state. Tron (TRX) plunged to $0.077 this morning, which means that the price is already 2.8% down.
Polygon (MATIC) is having an extra hard time, already fell sharply this week and is down as much as 4.2% today. Currently, MATIC dips below $0.8 again. Yet it is Cardano (ADA) that is falling the hardest today, and even of the entire top 100. The ADA price is currently dipping below $ 0.34 and is therefore 4.7% down today. All of these coins were named as securities in the SEC indictment.
“The Cardano Foundation disagrees with the recent qualification of ADA as a security under US law. We look forward to the engagement continued with regulators and policymakers to achieve legal clarity and certainty on these matters. – @F_Gregaard as quoted in @FortuneMagazine. https://t.co/ewYso7kWBE
— Cardano Foundation (@Cardano_CF) June 6, 2023
XRP again strongest climber top 10 altcoins
However, not all prices turn red in the top 10. Litecoin (LTC), for example, rose by 1.5% to $89. Memecoins seem to be in the taste again and dogecoin (DOGE) rises by 1.9% to $0.68. Ripple (XRP) is once again the strongest gainer among the top 10 altcoins. However, XRP does not seem to be able to gain traction at $0.53, but the price is still up 2.5% today. The SEC labeled XRP as a security way back in 2020, but the lawsuit is still ongoing.
Ripple is proud to sponsor @Money2020 Europe on June 6-8 in Amsterdam. If you’re attending, be sure to stop by booth #A150. pic.twitter.com/gXrFbqkoiW
— Ripple (@Ripple) June 5, 2023
LUNC, PEPE and especially STX are taking off like rockets
Finally, we have a few green exceptions in the top 100. For example, terra luna classic (LUNC) reached $0.0001 last night. LUNC is now dipping below that again, but the price is still more than 9.5% up today. Pepe (PEPE) hit $0.00000125, but is currently dropping to $0.00000111. Nevertheless, PEPE is 10% up.
We noticed that 2 whales bought $PEPE today!
0x31f5 spent 1.5M $USDC to buy 1.25T $PEPE at a price of $0.0000012.https://t.co/PojyeMXBg0
0x37df withdrew 605B $PEPE($685K) from #binance when the price was $0.0000012.https://t.co/5NI1e351dl pic.twitter.com/GJmE91cGXX
— Lookonchain (@lookonchain) June 7, 2023
Finally, we have the big winner of the day: stacks (STX), the layer-2 protocol for Bitcoin. The STX price has continued to rise steadily over the past 24 hours and is trading around $0.645 this morning. This means that STX is up no less than 18% today.
📆 Wednesday (Easter time zone)
11:00 – BTC NFT Creators Guild
12:00 – sBTC Go-To-Market📆Thursday
10:30 – BNS public meeting📆 Friday
12:00 – SIP Community Call
14:00 – Blockchain ArchitectureAdd them to your calendar 👇 https://t.co/Qmk6Clnfig
— stacksfoundation.btc (@StacksOrg) June 6, 2023
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