SEC’s Binance lawsuit triggers market-wide selloff: CryptoSlate wMarket Update
The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.
The cryptocurrency market saw net outflows of over $40 billion over the last 24 hours and currently stands at $1.09 trillion — down 3.53% from $1.13 trillion.
Over the last 24 hours, the top 10 cryptocurrencies all posted losses. Dogecoin and BNB top the list, with over 7% decline. Others, like Ethereum, Tron, Bitcoin, Cardano, etc., recorded losses of more than 2% each.
The market cap of Tether (USDT) grew to $83.24 billion, while that of USD Coin (USDC) and Binance USD (BUSD) fell to $28.77 billion and $5.09 billion, respectively.
Bitcoin fell by 3.62% and traded at $25,754 as of 07:00 ET. Its market dominance dropped to 45.7% from 45.8%
BTC sharply dipped below $26,000 after news of the SEC’s lawsuit against Binance emerged. The flagship digital asset liquidated over $100 million long positions held on it during the reporting period.
Over the last 24 hours, Ethereum shed 2.46% to trade at $1,818 as of 07:00 ET. Its market dominance rose to 20% from 19.8%.
ETH mirrored BTC’s price performance, bottoming at $1,780 during the reporting period.
Top 5 Gainers
MTL is the day’s biggest gainer, growing 11.62% over the last 24 hours to $1.51 as of press time. The project has gained over 40% in the previous seven days. Its market cap stood at $101.16 million.
PENDLE soared 10.05% to $0.47 over the last 24 hours. The Ethereum-based DeFi protocol’s liquidity pool touched $6 million in under a week. Its market cap stood at $98.54 million.
SYN grew 9.11% over the last 24 hours to $0.73263 as of press time. The cross-chain layer protocol runs a whitelist program to incentivize its community. It has a market cap of $102.4 million.
XNO gained 8.32% to trade at $0.77 at the time of writing. Despite today’s upside, the token is down 35% over the past month. Its market cap stood at $103.34 million.
KAVA rose 8.85% to $1.11 as of press time. Its market cap stood at $621.9 million.
Top 5 Losers
WILD is the day’s biggest loser, falling 24.38% to $1.11 at the time of press. Despite today’s drawdown, the token is up 77% over the past month. Its market cap stood at $111.39 million.
ID fell 16.63% to $0.37922 over the reporting period. RewardsBunny recently integrated the project’s Web3 name SDK. Its market cap stood at $122.48 million.
BNX sunk 16.12% to $0.43 as of press time. The play-to-earn game wants to host an AMA session on June 7 to discuss the project features. Its market cap stood at $124.03 million.
SAND fell 14.43% to trade at $0.51 at the time of writing. The metaverse-related token is one of the several digital assets the SEC labeled as security. Its market cap stood at $957.92 million.
PEPE is on the top losers list for the second consecutive day. The meme coin lost 8.2% to trade at $0.0000010229. Its market cap stood at $397.46 million.