Tokens Bounce Back Across the Market After SEC Triggers Turmoil

Cryptocurrencies are seeing green in the market today, after yesterday and today’s brutal governmental blows. 

Bitcoin (BTC), the top crypto in the market, nearly erased yesterday’s losses, and is seeing a 3.7% increase on the day, trading hands at $27,055. On the week, however, the asset is down nearly 3%, with its market cap slightly above $520 billion. 

Second in command of market cap, Ethereum (ETH), has seen a similar performance. It is up 3.6% in the last twenty-four hours, currently sitting at $1,874, according to Coingecko. The token has remained out of the Security and Exchange Commission's (SEC) list of securities, with a healthy market capitalization of over $225 billion. 

Further down the list, various cryptocurrencies have seen similar price action, with mostly green candles among major and minor altcoins. This comes despite the SEC’s clampdown on what it considers to be unregulated securities.  

Top ten tokens, also known as blue chips, are seeing gains within the 2-5% range, with outliers such as Dogecoin clocking a 6% increase, as it sits at #9 on Coingecko. 

Despite its parent company currently under heat from the SEC, Binance Coin (BNB) has also seen a green day, with a 2.7% move up, changing hands at $282.09. Its seven-day performance is fraught, hitting a high of $312 on May 30th, and a low of $274 yesterday, clocking a 9.7% drop on the week. 

Among the biggest winners in the top 100, clocking double-digit gains, we have Lido DAO (LDO) jumping an impressive 12% on the day, currently trading at $2.38; PepeCoin (PEPE) is changing hands at $0.00000119, with a 16% gain; and Optimism (OP) has seen a green candle worth 11%, with the asset being bought and sold for $1.50.

There are very few losers today. Polygon (MATIC), included in the SEC’s list, and Tron (TRX), sit side by side at #11 and #12 by Coingecko’s readings, and have lost 2% and held about even, respectively. 

These price movements seem auspicious, given the current state of affairs of the cryptocurrency industry. The SEC sues the two largest exchanges on the market, and prices drop slightly only to recover the next day. It’s unsure whether we are in the presence of a dead cat bounce, or signs of a more mature market that believes in crypto over the establishment.

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