SOL, MATIC, ADA Gain Over 20% in Bitcoin as SEC Discretionary Targets See Mixed Performance

Stop scaring users with bad KYC flows

Following the landmark ruling for Ripple, which claimed that certain XRP sales did not constitute securities sales, the tokens included in the US Securities and Exchange Commission (SEC) lawsuits against major cryptocurrency exchanges Binance and Coinbase have seen notable price movements.

Some of these tokens managed to recover, while others showed a more stagnant performance when denominated in Bitcoin (BTC).

Heart Price 1W Change YTD Perf Trading volume
SOLBTC 0.0009142 29.33% 51.63% 79,052 thousand
ADABTC 0.00001143 21.21% -23.08% 46,064 thousand
MATICBTC 0.00002746 20.33% -40.12% 33.96 Mill
COTIBTC 0.00000183 12.96% -43.34% 604
SANDBTC 0.00001519 11.12% -34.38% 5.481 Thousand
MANABTC 0.00001394 10.63% -22.38% 3.789 thousand
AXSBTC 0.0002112 10.06% -41.98% 4,474 thousand
NEARBTC 0.00004788 8.84% -36.94% 3.537 Mill
CHZBTC 0.00000268 7.20% -55.78% 1.532 Mill
ICPBTC 0.0001417 6.14% -40.41% 1.032 Mill
ALGOBTC 0.00000384 4.63% -63.22% 5.142 Mill
DASHBTC 0.001144 3.44% -54.87% 2.339 Mill
ATOMBTC 0.0003225 3.17% -42.99% 5.399 thousand
FILBTC 0.0001481 3.13% -18.67% 7.026 Mill
FLOWBTC 0.00002046 1.19% -48.07% 2.323 Mill
NEXOBTC 0.00002057 0.93% -48.26% 159

Many tokens fell more than 20% in June following SEC lawsuits against Coinbase and Binance. However, as of press time, Solana (SOL) is now on a solid weekly performance up 29.33% against BTC, despite a 51.63% year-to-date return. This number puts SOL ahead of many other post-lawsuit tokens.

Cardano (ADA) has also shown resilience. Despite a year-to-date performance of -23.08%, the token managed an impressive 21.21% gain in the past week. Accordingly, Polygon (MATIC) showed solid weekly performance with a gain of 20.33%, even though year-to-date performance is -40.12%.

In contrast, other brands have struggled. For example, Flow (FLOW) has only recovered 1.19%, reflecting a year-to-date performance of -48.07%. The Nexo token (NEXO) has also seen little change, up a meager 0.93% for the week and a -48.26% year-to-date return.

Additionally, NEXO has seen shallow BTC trading volumes in the past 24 hours along with COTI, according to data compiled by TradingView.

Bitcoin itself was up just 3.3% against the dollar for the week.

As previously mentioned, gaming-related tokens such as CHZ, SAND, MANA, FLOW and AXS were hit the hardest in June and saw double-digit declines, with only MANA and SAND showing signs of recovery as of press time. However, brands like SOL, ADA and MATIC have shown a commendable recovery, gaining over 20% on Bitcoin.

However, the long-term effects of these lawsuits remain uncertain, as do the consequences of potential regulatory actions on various brands and exchanges.

Ultimately, the outcome of the SEC’s lawsuits against Binance and Coinbase will now be the next battleground in the quest for regulatory clarity around digital asset sales.

Posted in: Bitcoin, Cardano, Cosmos, Polygon, Ripple, Solana, XRP, Binance, Coinbase, USA, Analysis, Tokens, Trading

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