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The strict policies and regulations of the US Securities and Exchange Commission (SEC) have had a negative impact on the entire crypto market.
The SEC's crackdown on "unregistered securities companies" and increased scrutiny of initial coin offerings (ICOs) have added to the regulatory uncertainty.
These measures are designed to protect investors and preserve the integrity of the market. However, this led to a drop in investor confidence and a subsequent price correction, which affected the digital asset market.
In today's Crypto Market Outlook, we dive into the dynamic world of cryptocurrencies, looking at the latest trends, price action and key events shaping the digital asset landscape.
The efficiency of the global cryptocurrency market
Currently, the global crypto market is experiencing significant growth with the significant growth of various cryptocurrencies.
Over the past 24 hours, the market has seen a notable increase of 1.80%, bringing the total market capitalization to $1.04 trillion. This upward trend has affected various digital assets, including major players such as Bitcoin, Ethereum, BNB and others.
As investors closely monitor the market, it is important to identify the factors that contribute to this value in the crypto sector. According to CoinMarketCap, the total crypto market cap in the last 24 hours is $44.2 billion, down 30.55%.
Meanwhile, the total DeFi cap is currently $3.16 billion, or 7.15% of the total 24-hour crypto market cap. According to CoinMarketCap, the volume of all stablecoins is now $44.82 billion, or 101.41% of the total 24-hour crypto market volume.
Bitcoin, the mother of altcoins and the largest cryptocurrency by market capitalization, is showing remarkable performance.
In the last 24 hours, the asset is currently trading at $25,550 , up a whopping 2.10%. This shows that the upward momentum present in the asset has offset the downward momentum.
In particular, Bitcoin often has a significant impact on the broader crypto market, which also affects the price movements of various altcoins.
Regulatory hurdles continue to threaten the crypto sector
In the latest cryptocurrency news cycle, regulation has been a recurring theme. The European Union (EU) has taken an important step by launching its framework for digital assets called the Markets for Regulation of Crypto Assets (MiCA) .
The aim of this framework is to create a comprehensive regulatory framework for cryptocurrencies and related services between EU member states.
On the other hand, the United States has shown a strong commitment to regulating the crypto industry through enforcement actions by the Securities and Exchange Commission (SEC).
SEC Lawsuit Against Binance
The Securities and Exchange Commission (SEC) reportedly filed a lawsuit against the world's largest crypto exchange Binance on June 5.
The SEC filed 13 indictments against Binance and its founder Changpeng Zhao, better known as CZ. Fees include the operation of unregistered exchanges, broker-dealers, clearinghouses, unregistered offers and sales of securities.
The SEC maintains that certain tokens listed on these exchanges should be classified as securities subject to registration requirements and investor protection regulations. The next day, the SEC filed a request for a preliminary injunction , ordering the court to seize all related assets.
Binance challenged the SEC's request for a TRO, saying that such an order, if granted, could hinder the platform's ability to pay for its defense in the case, which could have devastating consequences.
Binance is hoping for regulatory stability in the UK amid US concerns
Heavy regulation in the US has forced Binance, Ripple and Coinbase to explore moving their operations.
Binance has stated the need for regulation in the UK's most favorable jurisdiction to achieve greater transparency and stability in the UK regulatory framework . Ripple and Coinbase plan to move their operations from the US to a jurisdiction with a more favorable regulatory framework.
The measures highlight a growing fear and desire for regulatory certainty among crypto firms in the wake of the US crackdown. Recently , a member of the Legislative Council of Hong Kong invited Coinbase to come to Hong Kong to apply for an official trading platform .
"I truly invite all global virtual asset trading operators, including Coinbase, to come to [Hong Kong] to apply for an official trading platform and a new development plan," he said.
Additionally, the timing of the move coincides with recent developments in Hong Kong , where regulators have announced plans to allow licensed cryptocurrency platforms to serve retail investors under a new regulatory framework for the sector.
Hong Kong has introduced policies covering key areas such as asset preservation, cyber security standards and customer asset segregation.
The implementation took place from June 1 with the introduction of a new license system for virtual asset platforms. This development follows recent regulatory hurdles faced by Coinbase and other major players in the crypto space.
To regain its financial prominence after the pandemic and political unrest, Hong Kong is introducing crypto-friendly regulations, positioning itself as a leading hub. However, China's official stance on cryptocurrency, which is still largely confined to the mainland, has not changed.
SEC Lawsuit Against Coinbase
On June 6 , the US Securities and Exchange Commission filed a lawsuit against Coinbase , the largest US crypto exchange, alleging that the platform violates US securities regulations.
"Since at least 2019, Coinbase has operated through the Coinbase platform as an unregistered broker ... as an unregistered exchange ... and as an unregistered clearing house," the SEC complaint states .
He added: "By combining these functions into one platform and not registering with the SEC for any of the three functions or qualifying for the relevant registration exemption,
Coinbase has defied the regulatory framework for years by circumventing disclosure requirements set by Congress and the SEC to protect the nation's securities market and investors.
In a recent development , Paul Grewal, the crypto company's chief legal officer, said during a conference call on Monday, June 12 , that it will seek "legislative relief" in the SEC case.
According to Bloomberg News, Paul Grewal said: "While we work on cases, we are equally committed to advocating for urgent legal solutions."
In addition, he believes that the court has jurisdiction and should find that the case does not have a strong legal basis. If the court agrees with that opinion, the case will be dismissed and settled without further legal action.
These combinations could have a major impact on Binance, Coinbase and the entire crypto market. The results will not only change the regulatory environment, but will also affect the operation of these platforms and affect the confidence of potential investors.
Blockchain CEO Christine Smith believes the SEC's actions, while expected, are unacceptable. Also, according to Christine Smith, the SEC does not make laws, it only files complaints, and she is confident that the courts will ultimately prove Chairman Gensler wrong.
SEC V Ripple Litigation
Ripple, a major cryptocurrency company, has been fighting a legal battle with the US Securities and Exchange Commission (SEC) since 2020 . The SEC alleged that Ripple was offering an unregistered security by selling its XRP cryptocurrency.
In response to a complaint by the US Securities and Exchange Commission (SEC), Ripple strongly denied the allegations.
The company argues that XRP, its cryptocurrency, should not be classified as a digital currency like Bitcoin or Ethereum, but rather as a security. With the recent release of Hinman's emails, the Ripple lawsuit has taken an interesting turn.
The email contains information on SEC officials' discussions and opinions on cryptocurrencies, specifically the classification of digital assets such as XRP. In particular , John Dayton, a well-known legal expert, argued that the published emails will strengthen Ripple's defense in its fight with the SEC.
On a recent episode of the CryptoLaw live TV show, attorney Jeremy Hogan, a partner at Hogan & Hogan PA, made an important discovery. He shared that William Hinman's documents could be crucial to Ripple's defense against an SEC lawsuit.
The revelation came during a panel discussion that also included comments from CryptoLaw founder John Deaton and former SEC director Mark Feigel.
In response to Feigel's comments, Hogan said, "I don't agree with you, Mark, about the use of these letters because I see a lot of nonsense here when I have a hearing coming up, maybe next year or maybe as early as 2025."
According to Hogan, the Hinman emails suggest that even within the SEC itself, there is some uncertainty or confusion about the definition of a security.
The existence of such confusion adds an interesting element to the ongoing discussions and debates surrounding the regulatory regime of various digital assets.
Analysts predict possible XRP price target of $15 as market trend is bullish
In a recent tweet , a well-known crypto analyst named Eggag explored the market path of XRp using a framework called The Bent Fork Roadmap. This roadmap consists of four tracks, each representing a different phase of the XRP market cycle.
According to Egrag, bar A indicates major historical support, bar B represents the range area, bar C is the mid-cycle peak, and bar D symbolizes the cycle peak. This roadmap provides a framework for understanding and predicting how XRP will perform in its market cycle.
According to Egrag, based on current market trends, XRP's performance is in line with Track D, indicating a massive bullish exit for XRP through the bent fork roadmap.
Ecrag predicts that XRP could rise to around $15. If this prediction comes true, it will represent a significant increase of about 3025%, or 30 times the current price.
Taking a step forward, the analyst drew attention to the descending wedge pattern seen on the XRP price chart since 2021 and highlighted in red.
The analyst believes that if XRP can break out of this descending wedge pattern, it could find significant support and potentially see a bullish move.
However, Egrah pointed out that achieving such a breakthrough will require strong and unwavering determination on the part of market participants or XRP investors.
Shibarium Developer's new development is causing excitement and anticipation in the Shiba Inu community
In an exciting development, Saberium lead developer Shaitoshi Kusama unveiled new development, signaling progress on the launch. The announcement sparked positive speculation and anticipation among the determined Shiba Inu community.
Kusama shared a compelling link to the official Shibacals Telegram group and encouraged community members to explore www.shibacals.com . According to him, this marks an important step in Shiberium's journey and is generating curiosity in the community.
To add to the hype, Shiba Inu content marketer Lucy recently tweeted , encouraging the community to subscribe to Shivakala's account. The tweet included an attachment to Kusama's statement, which added to the excitement.
Interestingly, the news of Shiba Kaler about the upcoming release of the body is not hot. Kusama herself launched this project during the launch of the project , which she called "something physical".
The tweet received an impressive number of views, attracting the attention of the community with nearly 200,000 views.
However, among these developments, a community member expressed concern about the introduction of Shibarium , questioning its benefits for the Shibarium community.
The individual is concerned that the project may only focus on exploiting the community for profit without affecting the overall supply or utility-driven mobility.
As Shibarium continues its plans and builds excitement, the community looks forward to more updates and clarifications on future developments.
Institutional investors are leading the transformational development
The cryptocurrency market is going to witness a series of notable successes that will have a big impact on its future trajectory.
This expected progress in the evolution of crypto-currencies marks a turning point in its potential and promise. The involvement of institutional investors in cryptocurrencies is gaining momentum and will continue to grow.
Hedge funds, asset managers, and pension funds see the potential of digital assets as an investment. Industrial reports indicate increasing interest and fund allocation from institutional investors
Despite the challenges of market volatility, most institutional investors show resilience and a long-term outlook. Their continued commitment will bring stability, liquidity and maturity to the crypto market, attracting more and more users.
Bitcoin Spot ETF Alert BlackRock ज न्म देजी
On June 15, a major US investment firm filed an application with the Securities and Exchange Commission to launch a bitcoin spot ETF, the iShares Bitcoin Trust.
, Blackrock noted , "Peer-to-peer sharing of bitcoins is intended to provide a simpler way to invest in bitcoins instead of directly holding them or buying, holding and trading them. Digital exchange.
Many Bitcoin maximalists believe that the US SEC will approve the product even though it has previously rejected Grayscale and other previous applications.
A BTC Max Payne wrote: "Blackcr is probably the most powerful and connected entity in the United States."
According to the Reuters report , although the SEC did not close the product, some experts believe that it will bring more regulation to the US crypto industry.
In light of the regulatory issues that affect the crypto market, this kind of development of Bitcoin, BTC and other altcoins cannot be revived.
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