Crypto Week Ahead: US SEC Crackdown Leaves BTC, ETH, Other Top Coins Bleeding

Over the past seven days, Bitcoin (BTC) price achieved a high of $27,294.89.

BTC dominance stood at 47.84 percent. ( Image Source :Mohamed Hassan/Pixabay )

Following the intensified crypto crackdown by the US Securities and Exchange Commission (SEC), led by lawsuits against industry majors Coinbase and Binance over allegedly dealing in unregistered securities, the overall prices of tokens have taken a major hit. Bitcoin (BTC) dipped below the $26,000 mark and Ethereum (ETH), too, dipped below the $1,800 mark. It appears that the US SEC crackdown will continue showing its teeth over the next few days. 

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call. 

Crypto Prices Over The Past Week

Last Monday (June 5), the overall crypto market cap stood at $1.14 trillion. BTC price stood at around $26,830, ETH price stood at around $1,870. 

A week later, the overall market cap dipped down to $1.05 trillion and Bitcoin lost the $26,000 mark as well, as per CoinMarketCap data. 

DeFi's total volume stands at $1.91 billion, at 7.17 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $24.87 billion, at 93.28 percent of the total 24-hour market volume.

BTC dominance, at the time of writing, stood at 47.84 percent.

Over the past seven days, Bitcoin achieved a high of $27,294.89 (on June 7) and a low of $25,487.82 (June 6), showing signs of a bear run.

Ethereum, on the other hand, saw a high of $1,891.04 (June 7) and a low of $1,722.75 (June 10).

Crypto Events To Note

Despite some signs of brief resilience, most top crypto coins are seeing the adverse effect of US SEC’s hard stance against crypto majors Binance and Coinbase. Against this backdrop, trading platform Robinhood has withdrawn support for three crypto coins — Solana (SOL), Polygon (MATIC), and Cardano (ADA). 

Starting June 27, traders on the platform won’t be able to access the abovementioned cryptocurrencies. If holders of these coins don’t transfer their holdings before the said date, their assets will be liquidated (based on current market rates) and the proceeds will be credited to users’ accounts. 

In the meantime, Cardano and Solana Foundation developing firm IOG have denied SEC claims that ADA could be classified as a security, asserting that regulators must understand the mechanism of decentralised blockchains before announcing regulations. 

Furthermore, Crypto.com has announced that it will temporarily halt its services for institutional customers in the US starting June 21. As per the company, this decision has been made due to decreased demand from institutional clients, which has been worsened by the existing difficulties in the market. 

The US House Financial Services Committee has made an unprecedented announcement, presenting a draft bill that focuses on stablecoins. This bill is part of a larger initiative aimed at bringing transparency to the regulation of the digital asset industry. Scheduled for June 13, the committee will hold a hearing titled "The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem". This draft legislation, the third version so far, incorporates inputs from both Republican and Democratic members of the committee.

What Crypto Traders Are Saying About Current Market Scenario

WazirX Vice President Rajagopal Menon offered his take, “Despite regulatory turbulence and lawsuits against major exchanges, the crypto market showed resilience. Bitcoin briefly dipped to $25,493 but rebounded above $26,000. The US SEC's aggressive approach raises concerns, while the Eurozone's recession adds to investor worries.” 

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.