Synopsis
The value of Bitcoin (BTC) dropped 4% to $25,764, while Ethereum (ETH) was trading below $1,850 following the US Securities and Exchange Commission’s (SEC) lawsuit against Binance. This has caused a drop across the global cryptocurrency market, with Binance and its CEO Changpeng Zhao both being sued by the SEC for regulatory violations. Other cryptocurrencies trading lower include BNB and Solana, with the market cap trading at around $1.09tn, a fall of 4% in the last 24 hours. According to experts, markets are set to remain volatile in the upcoming weeks due to the ongoing Binance-SEC saga.
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Explore NowThe cryptocurrency markets were trading in the red on Tuesday after the U.S. Securities and Exchange Commission (SEC) filed suit against Binance, accusing the exchange giant of violating securities laws.
Bitcoin (BTC) declined 4% to $25,764, whereas Ethereum (ETH) was below the $1,850 level. BTC volume stood at approximately $20.32 billion, rising 76% in the last 24 hours.
“The latest development between Binance and SEC has spooked the global crypto market resulting in a bloodbath across digital assets. The market will respond sharply as the Binance-SEC saga unfolds; we should brace ourselves for a choppy market in the coming weeks. Regulatory clarity is the need of the hour for the global crypto ecosystem,” Shivam Thakral, CEO of BuyUcoin, said.
The world’s biggest cryptocurrency exchange Binance and its CEO Changpeng Zhao have been sued by the US Securities and Exchange Commission (SEC), which alleged in a June 5 court filing that the firm operated a “web of deception” that included artificially inflating its trading volumes and commingling customer funds.
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Other top crypto tokens were also trading lower. BNB and Solana declined by over 7%. Meanwhile, Dogecoin, XRP, Cardano, Polygon and Polkadot also traded with cuts. The global cryptocurrency market cap was trading lower around $1.09 trillion, falling 4% in the last 24 hours.
The total volume in DeFi is currently at $3.46 billion, which is 7.5% of the total crypto market 24-hour volume. The volume of all stablecoins is now $43.78 billion, which is 94% of the total crypto market 24-hour volume.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $499 billion. Bitcoin’s dominance is currently 45.78%, a decrease of 0.08% over the day, according to CoinMarketCap.
“The sell-off in crypto markets as a reaction to US SEC suing Binance has brought Bitcoin to its 3-month low. There is a strong confluence of support for BTC at the $25,200 range that will likely hold to form a ‘higher low’ for the asset and provide a bounce for the next leg up. Markets will likely remain volatile in the upcoming week,” Vikram Subburaj, CEO of Giottus Crypto Platform, said.
Rajagopal Menon, Vice President at WazirX said, “Major market oscillators point to a neutral sentiment. The Relative Strength Index (14) sits at 37, with a neutral outlook. The Stochastic %K (14, 3, 3) at 24 and the Average Directional Index (14) at 21 indicate a Neutral outlook as well.
“The MACD Level (12, 26), at −317, indicates Sell. The Stochastic RSI Fast (3, 3, 14, 14) is Neutral at 18 and William’s Percentage indicates Buy at -88,” Menon added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 11.43 hours, IST on June 6, 2023)
Bitcoin $25,764 -3.94%
Ethereum $1,816 -2.96%
Tether $1.00 0.01%
BNB $277 -7.92%
XRP $0.5115 -4.95%
Cardano $0.3513 -6.36%
Dogecoin $0.06659 -7.18%
Polygon $0.8318 -6.14%
Solana $19.96 -7.32%
Litecoin $87.57 -6.1%
Polkadot $5.08 -3.6%
Tron $0.07886 -3.17%
Shiba Inu $0.000008019 -6.07%
(Note: Price change in last 24 hours)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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