• The cryptocurrency market has seen a dip as Binance and Coinbase have been sued by the SEC.
• Altcoins like Binance Coin and Cardano have dropped in value, while the decentralized project Tradecurve has seen an increase of 25% in its token price.
• Investors are worried about the future of Binance Coin and Cardano, leading to diversification away from them.
Crypto Market Sees Dip
The cryptocurrency market has dipped as investors and traders begin offloading cryptocurrencies due to the SEC’s lawsuits against Binance and Coinbase. These CEXs took a hit in user count, and altcoins like Binance Coin and Cardano are down in value as a result. However, decentralized projects are thriving, as evident by the increase in the value of Tradecurve by 25% in the last week.
Binance Coin Price Drops
Binance.US prepares to suspend US deposits and withdrawals from the exchange days after US regulators sued the company and its founder. This sent the value of the Binance Coin spiraling downwards, and it entered the red zone. As of June 9, 2023, Binance Coin trades at $262.91 with 16.8% decrease over 30 days period while 14% decrease over 7 days period . The all-time high for Binance Coin was on May 10, 2021, at $686.31, 61.69% lower than this value currently making investors worry about its future which leads to diversification away from it..
Cardano Follows Bearish Trend
The Cardano cryptocurrency has followed suit with other altcoins and is also at a decline in regard to its value. As of June 9th , Cardano trades at $0.315849 with 14.6% decrease over 30 days period 15