The US Securities and Exchange Commission (SEC) took legal action against the crypto industry over the past week. However, data shows that the heat around the SEC lawsuits has fallen while the prices gain corrections.
The regulator sued Binance and Coinbase crypto exchanges on June 5, which caused a notable rise of negative sentiment in the crypto market. On June 10, the global crypto market capitalization plunged to a local bottom of $1.03 trillion while the top assets wandered in the red zone.
According to the market intelligence platform Santiment, the heat around the SEC lawsuits has cooled off. Moreover, the current situation might suggest a steady growth for cryptocurrencies until further progress around the lawsuits.
Per a report on June 12, crypto exchanges saw negative net flows of more than $4.6 billion — bitcoin (BTC), ethereum (ETH) and USDT only — over the past week, showing signs of HODLing or accumulation.
Bitcoin’s SOPR ratio also suggested the rise of intense interest as the asset’s price gained correction from the local bottom of around $25,500, according to a crypto.news report.
Furthermore, data provided by CoinMarketCap (CMC) shows that the global crypto market cap has risen by 1.18% over the past 24 hours — from $1.04 trillion yesterday, to $1.06 trillion at the time of writing.
Source: https://crypto.news/crypto-market-recovers-as-sec-lawsuits-heat-falls/