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07/14/2023

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SOL, MATIC, ADA gain over 20% on Bitcoin as SEC targeted tokens see mixed performance

SOL, MATIC, ADA gain over 20% on Bitcoin as SEC targeted tokens see mixed performance 27 seconds ago · 2 min read When denominated in Bitcoin several tokens named in lawsuits against Coinbase and...

SOL, MATIC, ADA gain over 20% on Bitcoin as SEC targeted tokens see mixed performance

SOL, MATIC, ADA gain over 20% on Bitcoin as SEC targeted tokens see mixed performance SOL, MATIC, ADA gain over 20% on Bitcoin as SEC targeted tokens see mixed performance 27 seconds ago · 2 min read

When denominated in Bitcoin several tokens named in lawsuits against Coinbase and Binance show strong recovery

2 min read

Updated: July 14, 2023 at 10:20 am

SOL, MATIC, ADA gain over 20% on Bitcoin as SEC targeted tokens see mixed performance

Cover art/illustration via CryptoSlate

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Following the landmark decision for Ripple, asserting that some sales of XRP did not constitute securities sales, tokens included in the U.S. Securities and Exchange Commission (SEC) lawsuits against major cryptocurrency exchanges Binance and Coinbase experienced noticeable price movements.

Some of these tokens managed to recover, while others displayed a more stagnant performance when denominated in Bitcoin (BTC).

TickerPrice1W ChangeYTD PerfTraded Volume
SOLBTC0.000914229.33%51.63%79.052K
ADABTC0.0000114321.21%-23.08%46.064K
MATICBTC0.0000274620.33%-40.12%33.96K
COTIBTC0.0000018312.96%-43.34%604
SANDBTC0.0000151911.12%-34.38%5.481K
MANABTC0.0000139410.63%-22.38%3.789K
AXSBTC0.000211210.06%-41.98%4.474K
NEARBTC0.000047888.84%-36.94%3.537K
CHZBTC0.000002687.20%-55.78%1.532K
ICPBTC0.00014176.14%-40.41%1.032K
ALGOBTC0.000003844.63%-63.22%5.142K
DASHBTC0.0011443.44%-54.87%2.339K
ATOMBTC0.00032253.17%-42.99%5.399K
FILBTC0.00014813.13%-18.67%7.026K
FLOWBTC0.000020461.19%-48.07%2.323K
NEXOBTC0.000020570.93%-48.26%159

Many tokens fell over 20% in June following the SEC lawsuits against Coinbase and Binance. However, as of press time, Solana (SOL) has now shown a solid weekly performance with a 29.33% increase against BTC, despite a year-to-date performance of 51.63%. This figure puts SOL ahead of many other tokens after the lawsuits.

Cardano (ADA) has also demonstrated resilience. Despite a year-to-date performance of -23.08%, the token managed an impressive 21.21% increase over the past week. Similarly, Polygon (MATIC) showed a solid weekly performance with a 20.33% increase, even though it has seen a -40.12% performance since the beginning of the year.

In contrast, other tokens have struggled. For example, Flow (FLOW) has only recovered by 1.19%, reflecting a -48.07% performance year-to-date. The Nexo token (NEXO) has also seen minimal change, with a meager 0.93% increase over the week and a -48.26% performance since the start of the year.

Furthermore, NEXO experienced shallow BTC trade volumes over the past 24 hours along with COTI, according to data compiled from TradingView.

Bitcoin itself is up just 3.3% against the dollar for the week.

As previously reported, gaming-related tokens such as CHZ, SAND, MANA, FLOW, and AXS were hit hardest in June and experienced double-digit drawdowns, with only MANA and SAND showing signs of recovery as of press time. However, tokens like SOL, ADA, and MATIC have shown commendable recovery, gaining over 20% on Bitcoin.

However, the long-term implications of these lawsuits remain uncertain, as do the consequences of potential regulatory measures on varying tokens and exchanges.

Ultimately, the outcome of the SEC lawsuits against Binance and Coinbase will now be the next battleground in the search for regulatory clarity around digital asset sales.

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