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Cryptocurrency prices were mostly trading higher on Wednesday, with the world’s largest cryptocurrency, Bitcoin, gaining more than 4%.
Cryptocurrency prices were mostly trading higher on Wednesday, with the world’s largest cryptocurrency, Bitcoin, gaining more than 4%.
The crypto market declined the day before after the Securities and Exchange Commission (SEC) sued leading U.S. cryptocurrency platform Coinbase Global Inc. in a federal court hearing, alleging that the cryptocurrency firm crypto had breached the regulator’s rule by allowing its users to trade many crypto tokens that were unregistered securities.
The crypto market declined the day before after the Securities and Exchange Commission (SEC) sued leading U.S. cryptocurrency platform Coinbase Global Inc. in a federal court hearing, alleging that the cryptocurrency firm crypto had breached the regulator’s rule by allowing its users to trade many crypto tokens that were unregistered securities.
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Coinbase is ready to move the Supreme Court against the US SEC as the government agency expands its crackdown on tokens it considers listed securities. The regulator is seeking an order that would force Coinbase to comply with securities laws and relinquish what the agency considers ill-gotten gains.
Meanwhile, most cryptocurrencies reversed their losses to trade in the green on Wednesday.
Bitcoin, the world’s largest cryptocurrency by market capitalization, was trading up 4.3% at $26,885.02. Its market value was $521.9 billion, while the trading volume stood at $22.9 billion. Bitcoin price is down more than 2% in the past seven days.
Industry watchers believe the token (Bitcoin) has benefited from the SEC’s crackdown on cryptocurrency exchanges and the classification of tokens including Solana, Cardano and Polygon as securities.
Analysts said the developments are bringing some crypto traders back to Bitcoin.
Ethereum prices gained over 3.6% to hit $1,878.35. The market capitalization of the second largest virtual currency was $225.71 billion and the trading volume was $9.06 billion in the last 24 hours.
Tether traded at $1 with a market capitalization of $83.24 billion and a trading volume of $312 billion in the past 24 hours.
BNB rose 1% to $279.10, while the USD coin was flat at $0.999.
Among memecoins, Dogecoin rose 4.3% to $0.06959 with a market value of $9.71 billion and a trading volume of $428.1 million.
Shiba Inu is up 0.75% in the past 24 hours, with a market capitalization of $4.77 billion. The trading volume was $102.5 million.
The above data is in accordance with coinmarketcap.
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