FIL Drops 26% in 7 days, HedgeUp Defi Platform Raises $3.0m Stage 4

The crypto markets have been enduring a bearish trend for the past couple of weeks, with total market capitalization dropping to its lowest level in months. The last week has been especially brutal.

This downtrend has caused leading altcoins, such as Filecoin (FIL), to tumble. At the same time, multiple cryptocurrency exchanges have been hit with lawsuits from the U.S. Securities and Exchange Commission (SEC).

Over on the DeFi side of things, HedgeUp is on pace to crush its presale goal – already raising more than $3 million of its $4 million launch goal.

The crypto bears are still winning

A handful of altcoins such as BNB, SOL, and ADA, tanked several points due to the bearish trend formation and uncertainty surrounding possible US government action.

If the bulls want to break out of this slump, they’ll need to step up their game.

SEC regulatory FUD

The SEC lawsuits have put the crypto space under severe constraints as some exchanges are starting to restrict their services and activities due to regulatory reasons.

Binance US announced on June 9 the upcoming suspension of deposits and withdrawal channels, besides delisting USD trading pairs. The exchange plans to transition to crypto-only trading in the future.

Crypto.com announced it would no longer service institutional clients in the United States. Although the Singapore-based company alleged a lack of client demand, the timing is definitely suspect.

HedgeUp (HDUP) presale explodes

Users have been cycling out of meme tokens and low conviction plays to throw money into DeFi and NFTs for weeks. With the most recent news, more people are dropping higher conviction plays to go all in with DeFi plays like HDUP.

With more than $3 million raised during its presale so far, people unfamiliar with the space are wondering why the protocol seems so special.

As NFTs continue to skirt regulatory talks, HedgeUp (HDUP) is in a perfect position to steal plenty of market share upon release. This platform allows users to purchase fractional shares of high-end items considered “physical alternative investments” – such as Rolex watches and precious metals – with their crypto.

Users receive an NFT representing their ownership. The protocol is spearheaded by a team of DeFi extraordinaires who have finally found a way to give users everything they could want and deserve in the space.

Conclusion: Bears comfortable despite market resilience

The recent bearish trend in the crypto markets has been driven by several factors, including regulatory pressure from the SEC.

However, it’s likely that litigation will take years to complete – but this hasn’t stopped many investors from pulling out or retreating to DeFi.

HedgeUp (HDUP) could be the right place, as Filecoin (FIL) and other mainstream crypto assets continue to take a beating.

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