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Home - Crypto Market Defies Regulatory Pressure, Stages Surprising Comeback

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Crypto Market Defies Regulatory Pressure, Stages Surprising Comeback

Toby
By Toby June 6, 2023 187 Views
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Crypto Market Defies Regulatory Pressure, Stages Surprising Comeback
Crypto Market Defies Regulatory Pressure, Stages Surprising Comeback
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In a plot twist, the cryptocurrency market shows resilience, despite mounting regulatory crackdowns by the U.S. Securities and Exchange Commission (SEC). The seemingly orchestrated plan targeting major players in the crypto space, starting with Binance and swiftly moving on to Coinbase, appears to have had an unintended effect.

Contents
Planned Disruptions Turned FruitlessCrypto Market Unfazed by Regulatory PressureBitcoin Leads the Recovery, AgainStrong Fundamentals Fuel the ComebackThe Meme Coin SurpriseA War Far from Over

SEC going hard on Coinbase and Binance, while recent court filing shows reboot of FTX 2.0.

Coincidence?

— whalechart (@WhaleChart) June 6, 2023

Planned Disruptions Turned Fruitless

One could speculate that this series of actions was meant to spook retail investors away from crypto markets. Simultaneously, the squeeze on banks involved with cryptocurrencies, leading market makers being asked to step away from the sector, and major exchanges caught in costly legal battles seems to be part of a broader strategy. However, things are not going as planned.

Crypto Market Unfazed by Regulatory Pressure

Instead of buckling under pressure, the crypto market showed great tenacity, bouncing back in response to the recent legal actions. Bitcoin, the flagship crypto, which initially took a hit following the unexpected Binance news, dropping 6.4% to a low of $25,400, displayed remarkable recovery.

Bitcoin Leads the Recovery, Again

Bitcoin’s resilience emerged strong on today’s news concerning Coinbase’s regulatory woes. Consequently, Bitcoin has been on a recovery path, gaining 3.6% at the time of reporting. A technical analysis of charts predicted this upward trend, revealing that the negative news merely caused a temporary disruption.

Strong Fundamentals Fuel the Comeback

Other strong crypto projects are mirroring Bitcoin’s recovery trend. Ethereum, for instance, bounced back 4.4% from its low yesterday, regaining a significant part of its losses. Similarly, the decentralized exchange Injective Protocol ($INJ) and the GPU-based rendering solution Render ($RNDR) have both surged, showing a gain of 4.8% and 5.7% respectively.

Also read: Mark Cuban’s Mind-Blowing Book Transforms into Rare NFT on Polygon Network

The Meme Coin Surprise

Even the joke cryptocurrency, Pepe ($PEPE), defied odds by increasing 26% from its previous low. This unexpected turn of events hints at a potentially exciting future for the crypto market.

A War Far from Over

While the current recovery is promising, we should anticipate further regulatory crackdowns from U.S. enforcement agencies. This crypto war is just getting started. Despite the ongoing turmoil, the defiant rebound of the crypto market sends a clear message – it’s not backing down without a fight.

TAGGED:binanceCOinbaseSEC
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Last Updated on June 6, 2023 by Toby