Cryptocurrency prices recover after SEC crypto exchange crackdown
Cryptocurrency prices were trading mostly higher on Wednesday with the world’s largest cryptocurrency Bitcoin gaining over 4%.
The crypto market declined a day before after the Securities and Exchange Commission (SEC) sued leading US cryptocurrency platform Coinbase Global Inc. in a federal court hearing alleging are that the crypto firm broke the regulator’s rule by allowing its users trade numerous crypto tokens which were unregistered securities.
Coinbase is willing to move Supreme Court against the US SEC as the government agency widens its crackdown on tokens that it considers listed securities. The regulator is seeking an order that would require Coinbase to comply with securities laws, and give up what the agency says were ill-gotten gains.
Read here: Cryptocurrency lawsuit: Coinbase threatens to take SEC fight to Supreme Court if needed
Meanwhile, most cryptocurrencies reversed losses to trade in the green on Wednesday.
Bitcoin, the world’s largest cryptocurrency by market capitalization, was trading 4.3% higher at $26,885.02. Its market value was at $521.9 billion, while trade volume stood at $22.9 billion. The price of Bitcoin has declined by over 2% in the last seven days.
Industry observers believe the token (Bitcoin) has been a beneficiary of the SEC’s crackdown on cryptocurrency exchanges, and the classification of tokens including Solana, Cardano and Polygon as securities.
Analysts said that the developments were driving some crypto traders back into Bitcoin.
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Ethereum prices gained over 3.6% to $1,878.35. The market capitalization of the second largest virtual currency was $225.71 billion and trading volume was $9.06 billion in the last 24 hours.
Tether traded flat at $1 with a market cap of $83.24 billion and trading volume of $312 billion in the last 24 hours.
BNB rose a percent to $279.10, while the USD Coin was flat at $0.999.
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Among the memecoins, Dogecoin rallied 4.3% to $0.06959 with market value of $9.71 billion and trade volume of $428.1 million.
Shiba Inu rose 0.75% in the last 24 hours, with a market cap of $4.77 billion. The trade volume was $102.5 million.
The above data is as per coinmarketcap.
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Updated: 07 Jun 2023, 10:47 AM IST
