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The Securities and Exchange Commission’s (SEC) consecutive lawsuits targeting major cryptocurrency exchanges Binance and Coinbase sent shockwaves through the crypto industry. Fearful of potential repercussions, numerous investors rapidly withdrew their assets from the exchanges, leading to significant outflows and a substantial drop in the total cryptocurrency market value.
Current Situation in Cryptocurrency Exchanges
However, according to data from CoinGecko, just one day later, on June 7, the global cryptocurrency market showed a striking response by rebounding $30 billion or 2.98% in the last 24 hours.
As of writing, the global crypto market value has risen from $1.133 trillion the previous day to $1.164 trillion. The calculations are based on CoinGecko’s tracking of 10,006 cryptocurrencies listed across 751 crypto asset exchanges.
Since the SEC’s first lawsuit against Binance on June 5, which immediately triggered hundreds of millions in outflows, the global cryptocurrency market value has fluctuated between $1.132 trillion and $1.180 trillion.
Bitcoin Helps Recover Market
As expected, the leader in cryptocurrency, Bitcoin (BTC), which has increased approximately 5% in the last 24 hours, led the recovery in crypto prices. At the time of writing, BTC was trading at $26,500.
According to leading crypto expert Michaël van de Poppe, to prevent a downfall, Bitcoin needs to stay above the $26,100 level. Otherwise, if it falls below this threshold, it will also lead to a loss in the 200-week moving average (MA) in the global cryptocurrency market value, he added.
Meanwhile, amid a broader market recovery, other cryptocurrencies that saw significant price increases include Ethereum (ETH), XRP (XRP), and Dogecoin (DOGE), which rose by 3.2%, 6%, and 2.8% respectively.
More strikingly, Terra Classic (LUNC) provided investors with a double-digit return of over 12% during the day and added approximately $57 million to its market value.
