Bitcoin Soars Above $27K
By Laxmikant Khanvilkar
Virtual digital assets or (VDA) Wednesday rebounded sharply, a day after the U.S. Securities Exchange Commission (SEC) sued Binance and deemed multiple altcoins unregistered securities.
The price recovery was led by Bitcoin (BTC), which as per analysts, is likely to benefit from investors ditching altcoins after the SEC deemed multiple tokens unregistered securities in lawsuits against Binance, Coinbase.
The largest cryptocurrency by market capitalization reclaimed $27,000, and was recently changing hands nearly 6% higher at $27,222. Ethereum (ETH), the second largest crypto by market value, was recently trading slightly below $1,900, up 4.27% from previous day.
ADA and SOL, the tokens of the smart contract platforms Cardano and Solana, recently rose more than 1% a day after plunging more than 8% and 10%, respectively. Binance’s BNB native token was also in positive territory, while Polygon’s MATIC was down 1%. The SEC listed those tokens and nine others as unregistered securities in the two lawsuits.
The global crypto market cap gained 3.93% to reach $1.13 tn, over the last 24-hours. The total crypto market volume declined 7.93% to $44.29 bn, during the period. The total volume in DeFi is currently $2.74 bn, and that of all stablecoins $41.56 bn, account for 6.18% and 93.83% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 46.59%, an increase of 0.79% over the day.
IC15 index, the barometer of top fifteen tokens, has surged 3.5% to 37,722.
Analysts deemed BTC’s initial steep decline following the Binance lawsuit an overreaction.
Their prices recovered as the SEC avoided mentioning BTC and ETH in its filings against Binance and Coinbase, a reassuring sign for investors that U.S. regulators consider both tokens commodities.
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