After the Securities and Exchange Commission (SEC) filed charges against exchange titans Binance and Coinbase earlier this week, Bitcoin and other popular cryptocurrencies traded in a muddled manner on Friday, barely moving at all. The persistent worry about inflation and the hawkishness of the central bank also affected the mood.

The largest cryptocurrency token, Bitcoin, had some improvement and increased by approximately 1% to reach close to the USD 26,500 level. Ethereum, its biggest rival, was also in the green but only slightly higher, staying below the USD 1,850 threshold. Other altcoins were mixed in, although the activity was thought to be modest.

This week has been a volatile one for the cryptocurrency market, with Bitcoin and Ethereum trading at over USD 26,400 and USD 1,840, respectively. Asian nations' Web3 projects have begun to take shape. According to on-chain data, Asia now outpaces the US in terms of active capital in the Bitcoin and cryptocurrency markets, according to CoinDCX Research Team.

"Asian entities have raised their interests by over 10% over the same period, whereas American entities have decreased their holdings by 11% since June 2022. The collapse of the Terra/Luna ecosystem and increased regulatory pressure coincided with the diminishing US dominance, which started in 2021 and went negative in the middle of 2022," it added.

The movement was restrained on other sides as the top crypto coins traded in a mixed manner on Friday. Polygon led the gainers with a 3% increase. Tron and XRP both gained more over 1%, while Solana gained 2%. Shina Inu, BNB, and Litecoin were all down 1%, making them losers.

The market capitalization of all cryptocurrencies was trading higher, increasing to USD 1.11 trillion while adding almost 0.5 percent over the previous day. The entire trade volume, however, fell more than 31% to USD 26.26 billion.

Following the SEC's complaint, BNB is experiencing trouble. It is currently trading at USD 260 levels after attempting a breakout at USD 285 levels. In the coming days, it's possible that the price may fall to levels near USD 250. It will be bullish for BNB in the near term if it can successfully break through the USD 285 resistance level after retracements.

If there is enough purchasing, a break over USD 300 will result in a target price of USD 340. The asset is currently in an oversold zone according to BNB's current RSI reading of 21.4. If BNB is fails to overcome the USD 285 resistance level, USD 250 acts as an immediate support level, with USD 220 providing strong support.

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