The cryptocurrency industry is currently in a state of turmoil, with Coinbase and Binance experiencing a massive outflow of over $4 billion in recent days, due in part to allegations by the SEC of federal securities law violations. This has led to a significant number of users leaving these exchanges, impacting the best cryptos to buy right now. However, despite this challenging situation, the exchanges have demonstrated competence in handling the outflow, processing withdrawals in an orderly manner.
This chaos in the crypto market has been most visible in the tokens that have been named as securities in the lawsuits, including Binance’s BNB, Cardano’s ADA, and Polygon’s MATIC. These tokens have experienced a significant decline throughout the week, much to the consternation of crypto enthusiasts.
It is worth noting that, while there has been an outflow from Binance and Coinbase, it represents only about 5% of all assets on the exchanges. In response to the SEC’s actions, Binance.US has advised users to withdraw their US dollar funds as soon as possible and has paused US dollar deposits. The platform plans to remove USD trading pairs shortly as it temporarily pivots to a crypto-only exchange.
Despite the turmoil, Bitcoin has experienced only a slight dip in trading value, and several other cryptocurrencies, such as WSM, IMX, ECOTERRA, RNDR, YPRED, STX, and SWDTKN, are top contenders for investment due to their strong fundamentals and/or favorable technical analyses.
However, in face of these mixed signals, caution is strongly advised for investors and traders in the market. For instance, AI-powered trading analytics platform yPredict, which has attracted a sizeable investment volume, could be a significant addition to an investor’s portfolio.
Additionally, render token RNDR is currently caught in a trading range, with its price oscillating around its 20-day EMA. This indicates the lack of strong momentum needed for a decisive move – an important consideration for investors.
The ultimate takeaway for cryptocurrency enthusiasts is to be diligent and cautious in these times of uncertainty. Even though some tokens and platforms seem promising, it is essential to closely monitor the market and analyze the pros and cons of each investment opportunity. Risk, as always, comes paired with potential reward, and keeping a close eye on both will be crucial to navigating the current market successfully.
Source: Cryptonews
