Despite the second high-profile lawsuit filed by the Securities and Exchange Commission (SEC) against a cryptocurrency company yesterday, Bitcoin (BTC) defied expectations and soared $2,000 within hours.
BTC Movements!
The leading cryptocurrency was trapped in a narrow range around $27,000 for weeks. This changed on Monday, with the filing of a lawsuit by the SEC’s CEO against Binance’s U.S. affiliate.
BTC reacted with a sudden price drop, pulling its price from $27,000 to a two-month low under $25,500, also liquidating $300 million in the process. However, the U.S. securities regulator then announced another lawsuit, this time against Coinbase.
BTC fell once again, this time slipping under $25,400 from $25,800, marking a multi-month low. However, the landscape changed quite unexpectedly in the following hours as the cryptocurrency jumped, increasing by $2000 to reach $27,400.
Despite losing a few hundred dollars since that time and currently standing below $27,000, BTC has risen more than 4% during the day, and its market value surpassed $520 billion once again. Its dominance over altcoins also rose to 46.4% after dropping to 45.8% yesterday.
Altcoin Price Movement!
Altcoins suffered significant damage yesterday, though not as bad as BTC. However, the landscape now is quite different. ETH fell to $1,800 but has since risen 3.5%, pushing the largest altcoin to just under $1,900 at the moment.
BNB lost over 8% in value, as expected, following the SEC’s legal proceedings against Binance. While it has not risen, the asset has managed to stop the fall for now. Ripple, Dogecoin, Litecoin, Polkadot, and Avalanche are on the rise, with gains up to 4%. In contrast, Cardano, Polygon, and TRON experienced declines of 2-3%.
The most significant gainers in the last 24 hours are Stacks (19%), PEPE (16%), and Terra Classic (15%). The total cryptocurrency market value recovered about $40 billion in one day and reached $1.120 trillion.
