Over the past few weeks, SEC’s lawsuit against Coinbase and Binance has wreaked havoc globally. The whole ordeal has greatly impacted the crypto market, causing the prices of all crypto assets to plunge.
The crypto king, Bitcoin, was traded below the $25k price mark earlier today. BTC’s price has not dropped below this price range since March 17th, 2023.
Here is a graph by CoinMarketCap, showing the price of BTC over the last 24 hours.
Following Bitcoin, the second most prominent crypto asset Ethereum has also dipped, seeing an 11.24% price drop over the week.
The price movement of ETH (over the last week) can be seen in the CoinMarketCap graph below.
The SEC lawsuit is against two of the biggest and most popular cryptocurrency exchanges in the world. The U.S. Federal Reserve has not changed the interest rates yet (as widely anticipated). However, the rate may rise in the coming months, to aid Central Bank’s efforts to bring inflation down to 2%.
Major altcoins, Cardano, Solana and Polygon, each dropped over 20% over the last week after declared to be securities by the U.S. SEC.
Meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) are not immune to price drops amid the lawsuit either.
The price of SHIB has dropped 4% in the last 24 hours and has seen a decline of 17% over the past week.
Despite the recent decline in price noticed for SHIB, several Whales have made big transfers involving SHIB over the past few days. This might indicate a possible price recovery for the meme crypto asset.
The possible accumulation of SHIB by Whales has also shone a ray of hope for other digital assets, especially BTC and ETH.
Long-term investors and traders remain optimistic for now and await to see how the lawsuit plays out.
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