As US regulatory pressure on cryptocurrency intensified last week, some altcoins with large market caps took a nosedive. However, despite regulatory hurdles, exchange tokens are emerging as a profitable category for their holders. The world’s largest cryptocurrency exchange, Binance, is under heavy scrutiny by regulators, and the BNB price is one of the exceptions to the exchange token narrative.
Crypto exchanges are under regulatory pressure, and these altcoins are paying off!
cryptocoin.com As we reported, leading cryptocurrency exchange Coinbase has announced that a Wells Notice has been submitted to the exchange. This notice comes at a time when the world’s largest crypto exchange, Binance, is struggling with intense regulatory scrutiny. Meanwhile, some trading platforms are choosing to leave the US to combat the ongoing pressure on virtual assets. One of them was the crypto exchange Bittrex. The exchange announced on Friday that it will shut down its US platform on April 30, after nine years of operation.
Despite these developments, exchange tokens have emerged as a category that has performed well last week and this weekend and is earning for its holders. Exchanges are struggling with scrutiny from US regulators as stock tokens rally. When the Bitcoin (BTC) price rally to a halt earlier this week, the two narratives heated up and gained popularity among market participants. These, Ethereum Layer 2 coins and ZK tokens made the headlines after the successful completion of the Arbitrum airdrop.
However, as US regulators intensified their pressure on exchanges, most altcoins in the top 30 have had a downturn, except for a few like XRP. Exchange tokens, on the other hand, presented an opportunity for their holders to gain profits since last week and since March 31. It provided holders of Uniswap (UNI), Synthetix (SNX), Gate (GT), Loopring (LRC) and THORChain (RUNE) between 2-5%. DEX tokens such as Sushi Swap (SUSHI) and dYdX (DYDX) are in the same altcoin category.
What to expect from exchange tokens next week?
DEXs announced the latest updates, both development and expansion plans. Like the Release 3 launch of PancakeSwap on BNB Chain. We’ll see how these announcements affect the exchange’s governance and utility tokens, and whether tokens such as UNI, SNX, GT, LRC, and RUNE continue their uptrend.
Currently, UNI is trading at $6.09, up 0.6% on a daily basis. SNX, on the other hand, is outperforming, with daily earnings changing hands at $1.20 to $2.56. GT sees a 0.68% increase over the same time period, while the LRC is in the green zone, up 1%. Finally, RUNE is recording the best performance among these altcoins, with an increase of around 3% over the past 24 hours.
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