The Crypto Market Is Now Back In Fear Again

Key Points:

• The Fear & Greed Index of the crypto market has turned into fear.
• It recorded 47 points on June 12, indicating neutrality, recorded 45 points on the 13th, reflecting the fear of the market.
• This is close to the 44 points indicated when the SEC filed a series of lawsuits against Binance and Coinbase on June 5 and 6.

The crypto market is going through a rough patch now, with regulatory authorities coming from the US and the U.S. Securities and Exchange Commission (SEC).

The ‘Fear & Greed Index’ created by Alternative, a virtual asset data supplier, was shown to be angry. To alternate statistics, the Fear-Greed Sentiment Index, which had 47 points on June 12, suggestive according to neutral, had 45 points on June 13, showing crypto market fear. The Fear & Greed Index indicates that the market sentiment is closer to extreme fear as it approaches 0, and as it approaches 100, it means too greedy.

This is close to the 44 points stated when the SEC launched a series of cases against Binance and Coinbase on June 5 and 6.

The commission also accused Binance and its CEO, Changpeng Zhao, of misrepresenting trading volumes, diverting user cash, and deceiving customers about its controls in the lawsuit against Binance.

Since the SEC believes that most cryptocurrencies should be classified as securities, most crypto firms and trading should be subject to its oversight and must adhere to regulatory frameworks that are presently in place for traditional securities.

The crypto market took notice. According to CoinMarketCap, four of the top ten most valued cryptocurrencies lost at least 20% of their value last week due to SEC cases.

The market’s worry was also reflected in the market price. According to the industry, the overall coin market capitalization dropped by $44.8 billion on June 10 alone. Among them, the market value of cryptocurrencies outside Bitcoin, such as Binance Coin (BNB), Cardano (ADA), and Solana (SOL), declined by $35.3 billion, accounting for more than 80% of the entire market cap loss.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News