Cryptocurrency prices were trading higher on Wednesday, June 7, with the world’s largest cryptocurrency Bitcoin gaining over 4 percent.
The leading US cryptocurrency platform Coinbase Global Inc. was sued by the Securities and Exchange Commission (SEC) in a federal court proceeding on charges that it violated the rules of the regulator by allowing its users to trade a number of crypto tokens that were unregistered securities. This led to a decline in the cryptocurrency market the day before.
As the US SEC intensifies its campaign on tokens that it views as listed securities, Coinbase is prepared to file a lawsuit in the Supreme Court against the organisation. The regulator is requesting a court order requiring Coinbase to abide by securities laws and forfeit what it claims were improperly obtained gains.
In the meantime, most cryptocurrencies on Wednesday recovered losses to trade in the black. By market capitalization, Bitcoin, the biggest cryptocurrency in the world, was trading 4.3% higher at USD 26,885.02. While trade volume was only worth USD 22.9 billion, its market value was USD 521.9 billion. nearly the past seven days, the price of Bitcoin has decreased by nearly 2%.
Industry watchers feel that the SEC's crackdown on cryptocurrency exchanges and the designation of tokens like Solana, Cardano, and Polygon as securities have benefited the token (Bitcoin). Analysts said that several cryptocurrency traders were returning to Bitcoin as a result of the developments.
Over 3.6% more money was spent on ethereum, at $1,878.35. The second-largest virtual currency's market value was USD 225.71 billion, and its 24-hour trading volume was USD 9.06 billion. Tether had a one-day trading volume of USD 312 billion and a market capitalization of USD 83.24 billion, trading flat at USD 1.
BNB increased by 1% to USD 279.10, while USD Coin remained unchanged at USD 0.999. Dogecoin, one of the memecoins, increased 4.3% to USD 0.06959 with a market cap of USD 9.71 billion and a USD 428.1 million trade volume.
Shiba Inu gained 0.75% over the past day and now has a $4.77 billion market cap. The value of the trade was $102.5 million.
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