bitcoin It started the week on a slightly positive level and rallied to $27,500. However, everything changed quickly after the SEC announced that it was filing a lawsuit against Binance. The cryptocurrency lost $2,000 within hours. It dropped below $25,500, dropping to its lowest level since mid-March.
While that sounds bad enough, the Securities and Exchange Commission went a step further by filing a lawsuit Tuesday against Coinbase over similar allegations that it was selling unregistered securities. BTC rallied to around $26,000 before dropping below $25,400.
Somewhat surprisingly, BTC took a leap later in the day. Two thousand dollars skyrocketed to the weekly starting position. However, this was short-lived and the asset dropped to $26,500 and remained there for several days.
Therefore, Bitcoin’s market cap is still just over $510 billion. However, its dominance over altcoins increased by about 1% to 46.7% in a few days.
ADA Down 4%
During the week following the SEC’s actions, alternative coins experienced a similar surge. Ethereum slumped from $1,900 to $1,800. It is currently settled just below $1,850. Binance Coin was among the worst performers, as expected. It traded above $300 before the news broke and shed more than $50 to its current position below $260.
Cardano, on the other hand, has experienced a sharp decline in the last 24 hours. ISLAND It is down over 4% and it is struggling to stay above $0.3.
ATOM, GRT and FIL are the biggest losers on a daily scale, while most other large-volume altcoins are in the red as well.
Total crypto- The market cap managed to hold the $1.1 trillion level last day after falling below on Monday and Tuesday.
You can find the current market movements here.