The cryptocurrency market stands strong despite the recent actions taken by the SEC against Binance and Coinbase, two of the largest cryptocurrency exchanges in the world. Bitcoin (BTC), the world’s most popular digital currency has fallen just 0.9% in the last 24 hours while other digital assets remain without changes. Of course, Binance Coin (BNB) has been the most affected one among the top 10.
Crypto Market Stands Strong Despite SEC’s Actions
It has been a hard week for the cryptocurrency market. The U.S. Securities and Exchange Commission (SEC) sued Binance and its CEO Changpeng Zhao for violating securities rules in the United States. Additionally, the regulatory agency filed a lawsuit against Coinbase for operating an unregistered securities exchange.
Therefore, several cryptocurrencies have been affected. For example, Binance Coin (BNB) the native digital asset of the Binance ecosystem, lost 13.2% of its value in just 7 days. This shows that there has been a large selling pressure on BNB on the Binance exchange.
Other coins affected included Cardano (ADA), which has been considered a security by the SEC, and Polygon (MATIC). These two virtual currencies lost 10.2% and 12.9%, respectively, according to data shared by CoinGecko.
Despite this situation in the cryptocurrency market, Bitcoin (BTC) remained relatively stable. The same happened with Ethereum (ETH), the world’s second-largest virtual currency. While Bitcoin lost 0.9%, Ethereum fell just by 0.5%.
It will be very important to see what will happen with the crypto market in the coming weeks and whether the U.S. regulatory agency will have new rules and actions in place that could affect the crypto industry.