Home Market SEC-induced panic saw $53 billion wiped from crypto market

SEC-induced panic saw $53 billion wiped from crypto market

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Upland: Berlin is here!

The news of the US Securities and Exchange Commission (SEC) filing against Binance sent the market cap of cryptocurrencies down by $53 billion.

On June 5, the SEC filed charges against Binance, its CEO, Changpeng Zhao, and related entities. 13 violationswash trading, regulation evasion, offering unregistered securities, etc.

binance The company said it was disappointed by the complaint and that it had always cooperated with regulatory investigations. However, the company objected to the enforcement action and intended to:vigorously” in defense of the charges.

A key element of Binance’s defense centers on the SEC’s alleged reluctance to provide regulatory clarity. In addition, the company claimed to be the victim of an ongoing “”.regulatory tug of war,“Government agencies aim to:”Claim jurisdiction over other regulators

Unfortunately, the SEC’s refusal to engage productively with us is the Commission’s erroneous and conscious refusal to provide much-needed clarity and guidance to the digital asset industry. Just another example of that.

Cryptocurrency market crash

Markets plunged on news that the SEC sued Binance.

As of 16:00 BST on June 5th, just before this news was announced, the market capitalization of cryptocurrencies was valued at $1.13 trillion. As rumors spread, his subsequent dumping bottomed out at $1.8 trillion about an hour later. This equates to a drawdown of $52.7 billion (4.7%).

It then rebounded and hit a new all-time high of $1.1 trillion. Since then, the market has been flat as participants consider the gravity of the situation, particularly the allegations that several third-party tokens, including ADA, SOL and MATIC, have been designated as securities in SEC filings. are traded.

Market capitalization of cryptocurrencies
sauce: CoinMarketCap.com

Biggest Winners and Losers

Among the top 100, Pepe, The Sandbox and Sui suffered the most losses in the last 24 hours, down 15.2%, 14.8% and 12.7% respectively. Sandbox was designated as an unregistered security in its filings with the SEC.

Kava was the only top 100 token (excluding stablecoins) to remain green over this period, growing 9.6%.

Market leader Bitcoin suffered a 5% loss from high to low and found support at $25,400. It then peaked at $25,890 before retesting the support at $25,600.

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