The recent lawsuits filed by the Securities and Exchange Commission (SEC) against major cryptocurrency exchanges Binance and Coinbase sent shockwaves throughout the crypto industry.
The fear of potential consequences prompted many investors to withdraw their holdings, resulting in significant outflows and a notable decline in the total crypto market cap. However, the market has demonstrated resilience, rebounding by $30 billion within just one day.
Crypto Market’s Impressive Recovery: On June 7, the global crypto market made an impressive comeback, regaining $30 billion or 2.98% in the past 24 hours, as reported by CoinGecko.
The total crypto market cap now stands at $1.164 trillion, compared to $1.133 trillion just a day ago. CoinGecko tracks data for 10,006 cryptocurrencies across 751 digital asset exchanges.
Volatility Amid Lawsuits: Following the SEC’s initial lawsuit against Binance on June 5, which triggered significant outflows, the global crypto market cap experienced a volatile range between $1.132 trillion and $1.180 trillion. The lawsuits had a substantial impact on investor sentiment and market activity.
Bitcoin Leads the Recovery: As expected, Bitcoin (BTC) played a pivotal role in driving the market’s recovery. The leading cryptocurrency surged by nearly 5% in the past 24 hours.
At the time of writing, BTC was trading at $26,771, displaying its resilience and ability to bounce back from adversities.
