• The US Securities and Exchange Commission (SEC) has filed a lawsuit against Binance and Coinbase.
• Binance Coin (BNB) hit a 6-month low as a result of the lawsuit, but the rest of the crypto sector has remained resilient.
• AltSignals ($ASI) could benefit from any post-SEC market resurgence.
The SEC Files Lawsuit Against Binance and Coinbase
The US Securities and Exchange Commission (SEC) has initiated investigations on exchange, filing lawsuits against both Binance and Coinbase. This news sent shockwaves throughout the crypto sector, with Binance Coin (BNB) hitting a 6-month low as a result.
Crypto Sector Remains Resilient Despite Lawsuit
Despite this significant price drop in BNB, the rest of the crypto sector remains resilient. Bitcoin trades at $26,400, Ethereum at $1,840, and XRP at $0.51. Furthermore, DeFi activity has remained steady across various platforms with total value locked remaining around $45.43 billion indicating investor confidence despite the lawsuit news.
AltSignals Could Benefit From Post-SEC Market Surge
Although it is unclear when the case between SEC and Binance will end, there is potential for increased demand for digital assets if it does reach a positive resolution. AltSignals ($ASI), currently on presale could potentially benefit from such an outcome due to its potential $ASI presale demand which could fuel its price increase upon listing on exchanges.
FTX’s November 2022 Event Compared to Current Situation
The current situation is different compared to that of November 2022 when FTX caused panic among investors resulting in market decline across multiple tokens. This time around however prices have dropped only slightly compared to previous events showing positive sentiment among investors in spite of legal issues faced by major exchanges like Binance and Coinbase which control 60% of crypto volume combined.
Conclusion
Overall it appears that although BNB fell by double digits after SEC’s investigation into both major exchanges, other cryptocurrencies remain relatively stable indicating investor confidence in cryptocurrency markets despite legal issues faced by some key players in this space like Coinbase and Binance who together account for 60% of global crypto trading volumes . Additionally new entrants into this space like AltSignals ($ASI) could potentially gain from any future market surge triggered by successful resolution to SEC’s investigations into these two major exchanges .