SEC Battle Against the Crypto Industry
The crypto week starts with a real bang: After the Securities and Exchange Commission (SEC) files charges against the leading crypto exchange Binance, many altcoins experience a real bloodbath. A short time later, the crypto exchange Coinbase was also targeted by the commission. Another dump shakes the market on Saturday morning. We take a look at the current happenings in crypto space.
Bitcoin rate up to date
The No. 1 cryptocurrency reacts to the current developments in the crypto space with a price loss of -6.1% (in the weekly chart). At the time of writing, the industry leader was trading at $25793, which corresponds to a daily loss of -2.2%. A trading volume of “only” $12.9 billion reflects the wait-and-see attitude of investors. Recent events have left their mark and unleashed a new wave of uncertainty. But one after anonther…
SEC sues Binance
It’s the topic of the week: The SEC is taking a total of 13 charges against the major exchange Binance and accusing the exchange, among other things, of trading in securities without registration. In addition, the Commission accuses the illegal handling of customer funds and a few hours later requests an injunction to freeze Binance’s US assets. In addition, Binance CEO Chanpeng Zhao has received a subpoena from Washington DC Federal Court. However, since he is not a US citizen, he reportedly does not need to be physically present but can attend remotely. In a first statement on Twitter, CZ firmly rejected the SEC’s allegations.
BNB crashes – Many altcoins are experiencing bloodbath
BNB price is reacting to recent developments in the crypto space with a weekly loss of -23.3%. On Saturday, the exchange coin had to record another severe setback with a daily minus of -8%. Projects classified as securities in recent lawsuits against Binance and Coinbase have been hit even harder. Accordingly, coins such as Cardano (- 22.8% in the daily chart), Solana (- 21.8% in the daily chart) and Polygon (- 20.7% in the daily chart) suffered enormous price losses on Saturday.
Bitcoin Dominance Index in detail
The Bitcoin Dominance Index is an important indicator to determine the relationship between the leading cryptocurrency and the alternative assets. Currently, around $450 billion of the total market capitalization is in BTC investments. According to this, the BTC Dominance Index climbed above the 45% mark again in the course of the latest news (current value: 45.9%).
Bitcoin: what’s next?
In terms of price, investors are focusing on the groundbreaking USD 25,000 mark over the weekend. Should the bears also break through this support line, the supports at $25000 and $23000 will represent further lifeline.
Price update: Ethereum misses magic line and then falls
The ETH bulls have to move away from the magic USD 2,000 mark, at least for the time being. At the time of writing, the leading altcoin is trading at $1,749, which corresponds to a daily performance of -5.7%. Nevertheless, it currently looks as if the smart contract coin could gain further market share in percentage terms and outperform other altcoins. With a market cap of $ 210 billion, Ethereum claims a market capitalization dominance of 19.2%.
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