Cryptos Rebound Amidst Regulatory Onslaught

Cryptocurrencies staged a dramatic rebound, early on Wednesday, after a rout a day earlier in the aftermath of the legal action against crypto giants Binance and Coinbase.

Overall crypto market capitalization surged to $1.12 trillion after dropping to as much as $1.08 trillion in the past 24 hours.

Bitcoin rallied to $27,332.18, from the low of $25,442.77 touched earlier. At its current price of $26,814.13, overnight gains exceed 5 percent. However, the leading cryptocurrency is still trailing on weekly performance with an almost 1 percent dip.

Ether too rallied 3.4 percent in the past 24 hours and has almost recouped weekly losses. The leading alternate coin is currently changing hands at $1,865.74.

Amidst the regulatory action, Bitcoin has showed resilience, increasing its market dominance to 46.5 percent, from 45.9 percent a day earlier. Ether’s crypto market dominance however remains steady at 20.1 percent.

Meanwhile, in subsequent regulatory action, the SEC on Tuesday filed an emergency action application seeking a temporary restraining order freezing assets, directing defendants to repatriate assets held for the benefit of customers of the Binance.US crypto trading platform, and seeking other emergency relief. The same has been filed against Binance Holdings Limited, BAM Trading Services Inc., BAM Management US Holdings, Inc., and their founder, Changpeng Zhao. The measure is claimed to be aimed at ensuring that Binance.US customers’ assets are protected and remain in the United States through the resolution of the SEC’s pending litigation of this matter.

Amidst the fresh regulatory salvo, 4th ranked BNB (BNB) the native cryptocurrency of the Binance cryptocurrency exchange has dropped 1.4 percent on an overnight basis and 11.4 percent on a weekly basis.

Shares of Coinbase Global, Inc. (COIN) are currently trading with overnight gains of 2 percent. The scrip had lost more than 12 percent in Tuesday’s trading amidst a series of charges levelled against the Coinbase cryptocurrency exchange.

Among the top 10 cryptocurrencies, 6th ranked XRP (XRP) tops with overnight gains of 5.7 percent. With gains of 3.5 percent, XRP is the only cryptocurrency among the top 10 to record weekly gains.

Among the 13 cryptocurrencies that the SEC classified as securities in its lawsuit against Coinbase, nine cryptocurrencies viz 9th ranked Solana (SOL), 31st ranked Internet Computer (ICP), 32nd ranked Filecoin (FIL) 39th ranked NEAR Protocol (NEAR), 45th ranked The Sandbox (SAND), 57th ranked Axie Infinity (AXS), 61st ranked Flow (FLOW), 86th ranked Dash (DASH) and 92nd ranked Nexo (NEXO) are trading in the overnight green zone. The remaining 4 cryptocurrencies extended losses over the past 24 hours. However, on a weekly basis, all the 13 cryptocurrencies are trading in the negative zone.

NEAR Protocol (NEAR) slipped one notch to 39th rank, Flow (FLOW) slipped one notch to 61, Chiliz (CHZ) dropped one notch to the 64th rank overall whereas Voyager Token (VGX) plunged to an overall rank of 455 from 439 a day earlier.

7th ranked Cardano (ADA) has plunged 2.7 percent overnight and 10.2 percent over the past seven days. 9th ranked Solana (SOL) has gained 2.3 percent overnight but is still losing 3.9 percent over the past week. 10th ranked Polygon (MATIC) has dropped 0.5 percent in the past 24 hours and 11 percent over the past week. 31st ranked Internet Computer (ICP) is trading with overnight gains of 2.1 percent and weekly losses of 8.7 percent. 32nd ranked Filecoin (FIL) is trading in the green zone on overnight basis, gaining 3 percent but weekly losses exceed 8.6 percent. 39th ranked NEAR Protocol (NEAR) has gained 0.4 percent in the past 24 hours but has not recouped the 7 percent losses made over the past week. 45th ranked The Sandbox (SAND) is trading with overnight gains of 2 percent and weekly losses of 5 percent.

57th ranked Axie Infinity (AXS) has added 1.3 percent in the past 24 hours but is down 5.3 percent over the past week. 61st ranked Flow (FLOW) has strengthened 2 percent overnight but has erased 10 percent over the past week. 64th ranked Chiliz (CHZ) recorded overnight losses of 1 percent and weekly losses of 7.6 percent. 86th ranked Dash (DASH) has increased 2.8 percent overnight but decreased 8.1 percent over the past week. 92nd ranked Nexo (NEXO) is trading in the green zone on overnight basis with gains of close to 4 percent, but weekly losses exceed 4.2 percent. 455th ranked Voyager Token’s (VGX) overnight losses exceed 2.8 percent whereas weekly losses exceed 12.4 percent.

Amidst the crypto rebound, 87th ranked Pepe (PEPE) dazzled with an overnight rally of 15 percent. 51st ranked Stacks (STX) and 71st ranked Terra Classic (LUNC) also added more than 12 percent in the past 24 hours.

40th ranked ApeCoin (APE) is the biggest laggard among the top 100 cryptocurrencies with an overnight decline of more than 3 percent. 66th ranked Maker (MKR) that shed 1.5 percent and 43rd ranked Algorand (ALGO) that declined 1.3 percent are the other big losers in the day’s trade.

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