Analyst Predicts Strong Growth for Apex Crypto Despite Shutdown of Crypto Exchange Amid SEC Lawsuit: Bitcoin, Ethereum, and Dogecoin See Significant Gains.
Major cryptocurrencies, including Bitcoin and Ethereum, saw gains on Wednesday despite the lawsuit filed by the Commodity Futures Commission against cryptocurrency exchange Binance. Bitcoin has gained 72% this year and experienced its highest quarterly gain in two years. As of writing, the global crypto market capitalisation is $1.18tn, an increase of 2.16% from the previous day. Securities and Exchange Commission (SEC) Chair Gary Gensler commented that he believes existing securities laws cover most activities in the crypto market, and there is no need for Congress to pass additional laws that could create conflicts or exclude certain activities. The SEC has also charged Beaxy, a cryptocurrency platform, and its executives with failing to register as an exchange, broker, or clearing agency. Analyst Justin Bennett warns that he is cautiously bearish on crypto while Bitcoin remains below the $29,000 macro resistance. Analyst Altcoin Sherpa is concerned that the present price of BTC only reflects range highs and warns that we could see a decent short area without more continuation. On the other hand, pseudonymous analyst Kaleo believes that Bitcoin has plenty of room for growth as it is still under $30,000. In other news, web3 token has surpassed Bitcoin and Ethereum in weekly gains with a 33% surge on Microsoft tie-up.