The altcoin market has been hit hard last week by the SEC’s lawsuits against major exchanges Binance and Coinbase. The destruction caused the market to lose billions of dollars in total value. The new developments in this article may help prices recover somewhat.
The most important altcoin news of the week on June 13
PAX Gold (PAXG)
PAX Gold (PAXG) is a cryptocurrency backed by gold. The tokenized gold project has been relatively less affected by the SEC’s lawsuits against the cryptocurrency market.
Gold is often used as a reserve asset during fluctuating periods. This also benefits PAXG as a cryptocurrency. PAXG is currently trading at around $1,924 after hitting $1,944 last week. The price of gold, which has skyrocketed with the heavy purchases of Central Banks, has a positive effect on the price of PAXG.
XRP
The XRP price has managed to survive the SEC lawsuits. This is due to the supremacy it has won in litigation that has been going on since 2020. In recent developments, the US court has ruled that the Hinman documents be made public, a development in favor of XRP.
The documents in question include statements made by former SEC member Bill Hinman, who stated that Ethereum is not a security. As a result, XRP, which traded at $0.53 last week, is currently changing hands at $0.52.
Bitcoin (BTC)
Bitcoin (BTC) was one of the strongest currencies on the market this week. When investors exit altcoins during the downturn, they tend to invest their funds in stablecoins or Bitcoin. In a nutshell, BTC has melted more in the last week with SEC lawsuits compared to the altcoin market.
The largest cryptocurrency is currently trading above the critical $26,000 zone. It fell to the $25,500 region at one point last week.
Monero (XMR)
Monero is similar to Bitcoin in that it has a strong community that supports it during times of trouble. Specifically, crypto investors support Monero’s high level of privacy.
Investors use altcoins like XMR at a time when the market is tough. However, as a privacy-focused altcoin, it remains on regulators’ radar. Starting at $145.96 last week, XMR is currently trading at around $139.00.
GNOS (GNO)
Gnoz didn’t perform as well as its rivals last week. Therefore, it is one of the surprise members of the list. However, it removes the effects of volatility. This is because real-world tokenization project Backed Finance has announced its intention to expand its native token issuance to Gnosis Chain. Its price is currently trading in the $109 zone, where it has been moving sideways throughout the day.
https://twitter.com/BackedFi/status/1666400563037126658
As Kriptokoin.com, we have included the prominent statements of the day by SEC Chairman Gary Gensler in this article.
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