The US regulator SEC filed a lawsuit against the largest cryptocurrency exchanges Binance and Coinbase last week. Several major altcoins traded on exchanges were qualified as securities under the lawsuit. In this article, you can find altcoins that have managed to stay off the SEC’s radar or are at the center of events.
Here are 6 altcoins that can stay away from regulator pressures
Ethereum (ETH)
It always deserves careful consideration as it is central to the Ethereum (ETH), DeFi, and NFT industries. Recently, the price action has been volatile compared to Bitcoin. It has lost around 5% today and is currently trading in the $1,650 region.
Technically speaking, Ethereum is currently stuck between 50 DMA at the top and 200 DMA at the bottom. Until a few days ago, price action was usually associated with the 50 DMA. Unfortunately, it fell sharply on June 10. Therefore, it now shows that bears are starting to control the market.
Another negative technical development is that Ethereum is also drawing a head-and-shoulder formation. If this hypothesis turns out to be true, it won’t be surprising to see ETH testing this year’s low of $1,400. The positive news is that what former SEC executive William Hinman had to say about Ethereum was recently made public as part of the SEC-Ripple lawsuit. As an SEC official, Hinman said in 2018 that Ethereum is not a security.
Tether (USDT)
USDT, a stablecoin, is one of the backbones of the cryptocurrency market. But today the dollar lost its stability. Yet it stands firm despite increased scrutiny and other destabilizing events such as regional bank failures. Tether CTO Paolo Ardoino sees USDT volatility as a deliberate move. After the events, he wrote on Twitter today:
The markets are tense these days, so it’s easy for attackers to take advantage of this general sentiment. But at Tether we are ready as always. Let them come. We are ready to use any amount.
Markets are edgy in these days, so it's easy for attackers to capitalize on this general sentiment.
But at Tether we're ready as always. Let them come.
We're ready to redeem any amount.— Paolo Ardoino đ (@paoloardoino) June 15, 2023
XRP
Ripple’s cryptocurrency has performed relatively well relative to its rivals despite lawsuits against Binance and Coinbase. The XRP community is currently waiting for the William Hinman documents, which have been made public, to make a positive impact. Although Ripple is currently on the red list as a security, positive news from the SEC case could completely change the situation.
Meanwhile, XRP has a much safer looking chart. He rally during the William Hinman papers that were recently released to the public.
These coins are at risk
Cardano (ADA)
Cardano (ADA) was among the three altcoins destroyed by Robinhood’s delist news. It also suffered one of the biggest losses amid SEC lawsuits. It points to serious problems in technical analysis. ADA is currently trading at $0.260490, well below the 200 DMA and 50 DMA.
Left (LEFT)
Solana is another altcoin to be delisted from Robinhood. A few months ago, she took a big hit because of her ties to FTX. Similar to ADA, SOL price is in double digits decline.
Polygon (MATIC)
MATIC is the last altcoin to be delisted from Robinhood. Polygon price suffered a massive 30% depreciation in SEC lawsuits. cryptocoin.comaspect
