Cryptocurrency prices were trading mostly higher on Wednesday, with the world's largest cryptocurrency Bitcoin gaining more than 4%.
The crypto market declined a day earlier after the Securities and Exchange Commission (SEC) sued leading U.S. cryptocurrency platform Coinbase Global Inc. in a federal court hearing alleging that the Cryptocurrency company violated the regulator's rule by allowing its users to trade numerous cryptocurrency tokens that were unregistered securities.
Coinbase is set to move to the Supreme Court against the US SEC as the government agency expands its crackdown on tokens that it considers listed securities. The regulator is seeking an order requiring Coinbase to comply with securities laws and forego what the agency says are ill-gotten gains.
Read here: Crypto Lawsuit: Coinbase Threatens to Take SEC Fight to Supreme Court if Necessary
Meanwhile, most cryptocurrencies reversed losses to trade in the green on Wednesday.
Bitcoin, the world's largest cryptocurrency by market capitalization, was trading 4.3% higher at $26,885.02. Its market value was $521.9 billion, while the trade volume was $22.9 billion. The Bitcoin price has decreased by more than 2% in the last seven days.
Industry observers believe the token (Bitcoin) has benefited from the SEC crackdown on cryptocurrency exchanges and the classification of tokens, including Solana, Cardano, and Polygon, as securities.
Analysts said that the developments were prompting some cryptocurrency traders to return to Bitcoin.
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Ethereum prices gained more than 3.6% to $1,878.35. The market capitalization of the second largest virtual currency was $225.71 billion and the trading volume was $9.06 billion in the last 24 hours.
Tether was trading flat at $1 with a market capitalization of $83.24 billion and a trading volume of $312 billion in the last 24 hours.
BNB was up a percentage at $279.10, while the USD coin was stable at $0.999.
Also read: Gold Price Today: Gold Rates Fall on Early Trades; What should your strategy be?
Among memecoins, Dogecoin rallied 4.3% to $0.06959 with a market value of $9.71 billion and a trade volume of $428.1 million.
Shiba Inu is up 0.75% in the last 24 hours, with a market capitalization of $4.77 billion. The trade volume was 102.5 million dollars.
The above data is according to coinmarketcap.
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Updated: Jun 07, 2023 10:47am IST
