Good morning, crypto enthusiasts. The market is experiencing a relatively slow day forbitcoin andether, trading sideways as Asia begins its trading day. The world’s largest digital asset is up 0.3% to $25,990, while ether is up 0.1% to $1,747. However, exchange tokens such as Binance’s BNB, OKB, and Crypto.com’s CRO might be the next ones to watch, according to CoinGecko data.
Interestingly, altcoins flagged in the SEC lawsuit against Binance and Coinbase last week have gained momentum recently. But what’s behind their stabilizing? Michael Rosmer, the co-founder of crypto security firm De.Fi, suggests that investors might consider the lawsuit as a buying opportunity, anticipating an eventual rise in token prices.
Rosmer points out that although the SEC sued the exchange giants of violating securities laws, the regulatory body hasn’t sued the projects directly. It seems that decision may be influenced by factors like the presence of U.S.-based projects they eventually want to trade. Rosmer also adds that the prices for Solana’s SOL, Cardano’s ADA, and Polygon’s MATIC stabilized Monday following a sudden weekend sell-off.
Meanwhile, the market might be thinking that the SEC’s case against Binance might be more bark than bite. Data from Nansen.ai reveals a net flow of $470 million for Binance in the last 24 hours, indicating that it has regained momentum. While Binance’sBNB token is still in the red, the price stabilization might be affected by the green performance of decentralized exchange tokens like Uniswap.
This week promises volatility for the cryptocurrency market with the U.S. CPI and June FOMC announcements coming down the pipe. Experts keep an eye on this development, as it might finally break the stalemate in BTC and ETH prices.
In Hong Kong, the Bank of China’s BOCI has issued tokenized securities on Ethereum for the first time by a Chinese financial institution. This move reflects an increasingly uncertain regulatory environment, in which cryptocurrencies have yet to receive a clear designation as security, commodity, or otherwise.
Moreover, the University of Toronto has started an XRP validator in partnership with Ripple. The collaboration is part of Ripple’s University Blockchain Research Initiative (UBRI) in Canada. The growing attention to blockchain technology and regulation in the market indicates the ever-growing importance of transparency and security, key factors in the future of cryptocurrencies.
Source: Coindesk
