7-Day Market Moves
Last week the crypto-verse saw some intriguing movements. Bitcoin inched up by 0.8%, while Ether fell by 3.6%. Top losers were Solana and Binance's BNB token, sliding 23.98% and 16.08% respectively over the week due to the SEC's labelling of them as unlawfully issued securities.
Why the tumble, you ask? Well, both Solana and BNB have found themselves in the crosshairs of the U.S. Securities and Exchange Commission (SEC). Last week, the regulatory body labelled these two, alongside others, as unlawfully issued financial securities, sparking lawsuits against U.S. crypto exchanges Coinbase and Binance.US. And if that wasn't enough, the SEC even attempted to freeze Binance.US's assets.
Fun fact, the US government depends on Coinbase to sell seized assets.
Amid this SEC drama, Polygon and Cardano managed to gain slightly but are still down over 20% since the SEC's legal actions. This regulatory tug-of-war has certainly kept SEC Chairman Gary Gensler busy, as he staunchly defends the lawsuits against crypto exchanges. Not everyone is on board with his approach though—two U.S. congressmen have proposed a bill to overhaul the SEC and oust Gensler from his chair.
The Alts Are Fighting For Dear Life
In the ongoing tussle between the SEC and Crypto, there's another victim - Altcoins.
Currently, the alts are drowning in a sea of red. This was made worse after Robinhood and E-toro announced that they would stop offering coins like MATIC and MANA to their vast retail user base.
Is this a case for DEX-es in the very near future?
Keeping Up With Memecoins
Well, some fear that their charm may be waning, as the once common high returns ranging from 10-100x are dwindling. Nevertheless, this doesn't signal the end of these meme-based narratives—there are still promising plays on the field.
Overseas, Chinese memecoins have been making waves in the past two weeks. Capitalizing on encouraging crypto news from China and Hong Kong, memecoin developers have seen substantial gains: $BIAO rewarded early adopters with a staggering ~86x return, although it has since dropped ~85% from its peak as of June 1, while $NIHAO ballooned early investors' stakes by a whopping 92.75x, despite falling 50% from its peak as of June 1, 2023.