Bitcoin, Ether retreat; BNB leads the winners, top 10 mixed crypto

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Bitcoin fell Wednesday morning in Asian trading, remaining stuck below the US$26,000 resistance line. Ether also lost ground, while the other top 10 unstable cryptocurrencies by market capitalization were mixed. Crypto exchange Binance’s BNB token scored the biggest gains in the top 10 after a US court rejected a request from financial regulators to freeze assets on the Binance.US exchange.

fear and greed

Bitcoin has fallen 0.38% in the past 24 hours to settle at US$25,835.15 at 7:00 a.m. in Hong Kong, losing 4.87% in the past week and repeatedly failing to break through. resistance at US$26,000 following lawsuits filed last week against US crypto trading platforms by the Securities and Exchange Commission (SEC).

Ether fell 0.49% to US$1,734.63, posting a 7.87%% loss for the week.

Bitcoin is struggling to rise above $26,000 due to fear in the crypto market and despite optimism in stocks, Alex Kuptsikevich, senior market analyst at online brokerage FxPro, said in comments. by e-mail.

The Fear & Greed index for the cryptocurrency is in fear territory at 45 (-2 points overnight), while the Fear & Greed index for the stock market is at 79 (extreme greed) , noted Kuptsikevich. Technically, to break the downtrend, Bitcoin must break above $27,000, and a drop below $26.5,000 is needed to confirm the downtrend. The second scenario seems more likely.

The other top 10 cryptocurrencies were mixed. Binances BNB token led the winners with a rise of 4.67% to $241.36, reducing its weekly loss to 14.41%.

BNB’s gains came after a U.S. federal judge on Tuesday denied the SEC’s request for a temporary restraining order that would have frozen the assets of Binance.US, the U.S. arm of the largest cryptocurrency exchange. in the world.

The judges’ decision allows Binance.US to continue operating while it negotiates with the SEC over its compliance with securities laws. Last week, the federal agency accused Binance.US of failing to register as a stock exchange and offering and selling unregistered securities. The SEC has also filed a complaint against the American exchange Coinbase. Both exchanges denied the allegations.

According to CryptoQuant, bitcoin reserves on US crypto exchanges have fallen below 50% levels last seen in 2017. Assets are flocking to foreign exchanges due to regulatory uncertainty and recent SEC actions against Binance and Coinbase, Kuptsikevich said.

In other developments involving the SEC and crypto, the Ripples XRP token fell 0.87% to $0.5197 for a weekly decline of 2.25% after Tuesday’s long-awaited unveiling of so-called Hinman documents, named after former SEC Chief Financial Officer William Hinman.

Ripple Labs Inc. was sued by the SEC in December 2020, which alleged that XRP was offered and sold as an unregistered security. The company had requested the unsealing of documents which reveal that Hinman said that Bitcoin and Ether should not be classified as financial securities. The comments are a major argument between the SEC and Ripple as Ripple seeks to bolster its fair notice defense.

Ripples Chief Legal Officer Stuart Alderoty wrote on Twitter on Tuesday that the documents show: Hinman ignored multiple warnings that his speech contained fabricated analysis without legal basis and showed the SEC had flip-flopped and overstepped the bounds of its jurisdiction.

Unelected bureaucrats must faithfully enforce the law within their jurisdiction. They can’t as Hinman tried to create a new law, Alderoty said.

Total cryptocurrency market capitalization fell 0.12% to $1.054 trillion in the past 24 hours, while daily trading volume increased 10.62% to $33.75 billion, according to data from CoinMarketCap.

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