Daily Crypto Market Update – SEC’s Lawsuit Against Binance Fuels Market-wide Selloff
The cryptocurrency market capitalization stands at $1.103 trillion after losing about $40.12 billion to net outflows in the past 24 hours. During that period, Ethereum and Bitcoin market valuations sunk by 2.67% and 3.89% to $218.47 billion and $498.86 billion, respectively.
Not a single coin in the top-ten category has posted gains. BNB is the biggest loser, recording a 7.98% decline. It now trades at $278. The price drop comes a day after the US Securities and Exchange Commission (SEC) brought charges against the world’s largest crypto exchange Binance. The agency accuses the trading platform of offering BNB and its stablecoin BUSD as unregistered securities. On top of that, the SEC alleges that Binance has been operating as an unlicensed exchange.
Other leading ten cryptocurrencies that saw massive price drops include XRP, which fell 4.37% to trade at $0.512; Cardano, which lost 6.65% to change hands for $0.348; Solana, which plunged 7.54% to $19.88; and Polygon, which plummeted 7.67% to $0.809.
Stablecoin Market
Meanwhile, the USDT market valuation has continued to grow. It is standing at $83.56 billion, following 24-hour net inflows worth $34.76 million. On the other hand, the market caps of BUSD and USDC are down 1.34% and 2.21% to $5.08 billion and $28.76 billion, respectively.
Bitcoin
BTC has seen its market share drop to 45.73% in the last 24 hours. The coin’s price is also down 3.64% to $25,764 as of this writing. Similar to BNB, Bitcoin started declining after the SEC announced its charges against Binance. Previously, the largest crypto asset by market cap hit the $25,534 support level before recording a short rally to its current price.
ETH is changing hands for 1,835 after plummeting 2.47% in the past 24 hours. On Tuesday morning, the token found support at $1,782, a level that attracted the bulls to buy the dip.
Ethereum now has a market share of 19.97%.
Top Five Gainers
Metal: MTL is one of the few cryptocurrencies that have posted gains in a widely red market. It is up 11.64% to trade at $1.57 as of this writing. It is worth mentioning that MTL has seen a 40.35% price increase in the last seven days. Its market share stands at $101.18 million.
PENDLE: This token is priced at $0.473 after rising by 10.06%. The project, a decentralized finance protocol based on Ethereum, saw its liquidity pool hit over $6.5 million within a week. PENDLE’s market cap stands at $98.56 million.
Synapse: With a market capitalization of $102.42 million, SYN is trading at $0.732 following a 9.13% surge.
Nano: XNO has risen by 8.67% to change hands for $0.778 as of this writing. Nonetheless, the crypto asset is still down over 36% over the previous month. XNO’s market valuation stands at $103.32 million.
KAVA: With a market capitalization of $621.89 million, KAVA is currently priced at $1.13 after surging 8.56%.
Top Five Losers
Wilder World: WILD is still up 77.46% over the last thirty days despite dropping by 24.39% today. The crypto asset trades at $1.12 with a market capitalization of $11.37 million.
Space ID: With a market cap of $122.47 million, ID is trading at $0.379 after declining by 16.59%.
BinaryX: BNX is down 16.09% to $0.436. The project’s founders will address concerns raised by investors in an Ask Me Anything (AMA) session set for June 7. BNX’s market cap stands at $124.01 million.
The Sandbox: SAND has seen a 24-hour decline of 14.46% to change hands for $0.517 as of this writing. The play-to-earn token is among the many crypto assets the Securities and Exchange Commission has deemed securities. SAND’s market valuation stands at $957.87 million.
PEPE: Sellers have been booking profits in the last few days, causing PEPE’s price is plummet significantly. The token is down 8.49% in the past 24 hours to trade at $0.00000102 as of this writing. PEPE was also featured in Monday’s top five losers’ list.
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