BENCHMARK
| Indices | LTP | Change (%) |
|---|---|---|
| BITCOIN | $25623 | 5.72% |
| ETHEREUM | $1880 | 4.15% |
CRYPTO STATS(24H)
| Indices | VALUE | Change (%) |
|---|---|---|
| MARKET CAP | $1.17 T | 3.30% |
| TRADING VOLUME | $53.70 B | 1.10% |
TOP 5 GAINERS
| Indices | LTP | Change (%) |
|---|---|---|
| FLEXCoin | $2.42 | 71.25% |
| DOEX | $0.00045 | 67.62% |
| YOLOCash | $0.00096 | 55.20% |
| Tempus | $0.057 | 49.12% |
| Zodium | $0.0023 | 46.98% |
TOP 5 LOSERS
| Indices | LTP | Change (%) |
|---|---|---|
| Unitrade | $0.0069 | 74.63% |
| HifiFinance[OLD] | $0.0040 | 49.17% |
| OOGI | $0.000015 | 41.78% |
| Populous | $0.024 | 26.03% |
| Triall | $0.035 | 24.78% |
On Wednesday morning in Asia, Bitcoin made a remarkable recovery, surpassing the $27,000 mark. Additionally, almost all of the top 10 non-stablecoin cryptocurrencies experienced a rebound. This is despite the fact that U.S. regulators have recently filed lawsuits against Binance and Coinbase, two of the largest crypto exchanges in the world. The lawsuits allege that most tokens are unregistered securities.
Major Events Around the World
The largest cryptocurrency exchange in the United States, Coinbase Global Inc (NASDAQ: COIN), appears to be facing significant challenges as ten state regulators have joined the Securities and Exchange Commission (SEC) in filing legal actions against the company. As a result, the stock price of Coinbase has already plummeted by 13% following the SEC's launch of legal action.
On Tuesday, Rostin Behnam, the Chairman of the US Commodity Futures Trading Commission (CFTC), reaffirmed his position that Ethereum should be classified as a commodity rather than a security. This statement comes amidst recent complaints filed by the US Securities and Exchange Commission (SEC) against two of the largest cryptocurrency exchanges in the world, Binance and Coinbase, for violating financial regulations. The SEC has been urging crypto businesses operating in the US to register their digital asset trade operations with them, but there is still uncertainty regarding which laws apply to these assets.
John Deaton, the esteemed lawyer representing over 70,000 XRP token holders in the SEC lawsuit, has made a compelling statement regarding the recent Binance lawsuit. According to Deaton, the Binance lawsuit is strikingly similar to the Ripple case, as both involve allegations of fraud. However, Deaton finds the Coinbase lawsuit to be perplexing, as the company's direct listing on NASDAQ was approved by the SEC itself in 2019. Interestingly, the XRP token was among the tokens listed on the Coinbase ($COIN) platform when the IPO application was filed. It wasn't until 2020 that the US SEC filed a lawsuit against Ripple, and Coinbase subsequently delisted the token. Deaton's insights shed light on the complex legal landscape surrounding cryptocurrency and highlight the need for greater clarity and regulation in the industry.
COIN GABBAR Views: The ongoing roller coaster ride of the crypto price will determine the potential risks faced by the coin holders. Will bitcoin maintain its position above the $25,200 level as well as the support provided by the channel line. If it fails to do so, it could open the door for a possible decline towards $20,000. Will there be a break above the key $27,400 resistance here and a move towards $30,000. Stay tuned for updates and the latest news us at www.coingabbar.com
Also read: The Future of Cryptocurrencies: Will They Be Classified as Securities in the U.S.?
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
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