Bitcoin, Ether gain while most top 10 cryptos fall, pressured by SEC lawsuits

Bitcoin, Ether gain while most top 10 cryptos fall, pressured by SEC lawsuits

Time Stamp: June 8, 2023 9:57 AM
Source Node: 2708127
Bitcoin and Ether rose during Thursday afternoon trading hours in Hong Kong, while most of the top 10 non-stablecoin cryptocurrencies by market capitalization fell, pressured by the U.S. Securities and Exchange Commission’s (SEC) lawsuits against Binance and Coinbase. 

See related article: Crypto industry reacts to SEC’s lawsuit against Binance

Bitcoin, Ether rise, SEC crackdown weighs on top cryptos

Bitcoin rose 0.49% from 7 a.m. to 4:30 p.m. in Hong Kong to US$26,430. Ether rose 0.54% in the same timeframe, to US$1,841.

Bitcoin, the world’s first cryptocurrency, fell to a weekly low of US$25,493 on Tuesday after the SEC initiated legal action against Binance and Coinbase , but recovered above US$26,000 the same day.

Solana’s SOL token was the day’s biggest loser, falling 7.05% to US$18.63, followed by Binance’s BNB token that fell 5.63% to US$261.48. The BNB token fell below US$300 on Monday, after the SEC’s lawsuit.

“As long as Binance can prove that it acted in good faith, these legal actions might not have a huge impact. Binance might be forced to pay a hefty fine, which the behemoth should be able to stomach,” Jonas Betz, crypto market analyst and founder of consultancy firm Betz Crypto , told Forkast in a LinkedIn response.

“Even if Binance is forced to cease operations in the U.S., its users, and volume will just migrate to the next best competitor. Moreover, most of Binance’s operations are conducted outside of the U.S. anyways and should therefore be beyond the reach of U.S. regulators.”

The total crypto market capitalization over the 24 hours fell 1.81% to US$1.1 trillion and market volumes decreased 21.8% to US$36.97 billion, according to CoinMarketCap .

Ethereum NFT sales fall, Polygon NFT sales gain

The Forkast 500 NFT index fell 0.72% to 3,257.11 points in the 24 hours to 4:30 p.m. in Hong Kong, and declined 4.18% during the week. 

Ethereum ’s 24-hour NFT sales fell 13.08% to US$14.5 million, as sales of Bored Ape Yacht Club NFTs decreased 55.6% to US$462,554, and sales of the Mutant Ape Yacht Club lost 36.56% to US$526,071. Sales for the Captainz collection rose 80.91% to US$576,226.

Polygon’s 24-hour NFT sales strengthened 41.52% to over US$2.1 million, as sales for The Simbaverse Lions rose 1.53% to US$346,311. Despite the sales surge, the Forkast POL NFT Composite fell 22.56% to 764.55 points.

Time Stamp:

More from BITRSS