Bitcoin, Ether Trade Sideways
As QCP Money wrote in a recent note, this week will be “action-packed” with U.S. CPI and the June FOMC approaching. This promises volatility on the horizon, and we may finally get the breakout in BTC/ETH that we started positioning for this month, however, it just needs to start, and that hasn’t happened yet.
In the meantime, the market may be thinking that the Securities and Exchange (SEC) case against Binance may be more bark than bite.
Data from Nansen.ai shows that the flow across all the chains it tracks was back in the green for Binance. Nansen shows that over the last 24 hours, Binance had a net flow of $470 million. To be sure, this is a pittance compared to the nearly $4 billion in value that has flowed out of the exchange over the past week, but it is still a significant amount to consider.
Binance’s BNB token is still in the red, but its price has begun to stabilize. CoinGecko data shows that other exchange tokens like OKB and Crypto.com’s CRO are more in the red than BNB, while decentralized exchange tokens like Uniswap are up.
Altcoins Stabilize – What’s Next?
The co-founder of cryptosecurity firm De.Fi called to relative calm in altcoins signaled by the U.S. Securities and Exchange’s lawsuits against Binance and Coinbase last week “mean regression.”
People are saying, here’s a buying opportunity, let’s go in and take advantage of it, Michael Rosmer told CoinDesk Tv set’s To start with Mover” show on Monday in a conversation that initially focused on his firm’s report that crypto investors had lost USD 54 million in token pullers.
All but a couple of 19 tokens named in the lawsuit, which accuses the exchange giants of violating securities laws, have plunged by double digits in the past seven days with CHZ and SAND, the tokens of crimson Chiliz and metaverse game The Sandbox., falling more than 28% and 27%, respectively, and ADA, Cardana’s blockchain-native cryptocurrency, falling more than 21% as investors watched with trepidation an increasingly uncertain U.S. regulatory environment in which cryptocurrencies have yet to receive a designation as security. commodity or otherwise.
But he also sounded an optimistic note, saying people have probably realized that U.S. agencies don’t want to pull projects out of the country. “It’s noteworthy that they went after Coinbase and Binance, he said that They haven’t sued either of these projects directly. That’s kind of telling.
He added that part of the reason is that the U.S. government operates largely on the foundation of lobbying influences on the financial industry, and the financial industry would eventually like to be the player that plays like Coinbase or Binance, as they want to eliminate those guys, but still be able to have U.S.-based projects that trade.”
Prices stabilized Monday for Solana’s SOL, Cardano’s ADA, and Polygon’s MATIC after being hit by a flash sale over the weekend. Separately, May 2023 saw a wave of scams and hacking incidents resulting in cumulative losses of more than $54 million, a new report from security firm De.Fi showed. De.Fi co-founder Michael Rosmer joined to analyze the report.
By Marina Meza
