It’s been a challenging 24 hours for crypto investors, with most coins and tokens posting significant losses following the news that the US Securities and Exchange Commission (SEC) had filed a lawsuit against Binance and its CEO, Changpeng Zhao.
Bitcoin (BTC) and Ethereum (ETH) dropped by over 5% after the news broke, as investors opted to sell off their crypto assets.
However, there were some glimmers of hope for these investors, with several prominent crypto personalities continuing to back
Wall Street Memes (WSM) – which has now surpassed $4.4 million in its presale.
SEC Cracks Down on Binance – What’s Next for the Crypto Market?
According to NPR, the SEC has filed 13 charges against Binance and Changpeng Zhao in what is being viewed as one of the most significant events in the crypto market this year.
Zhao and his company are accused of misleading investors, misusing client funds, unregistered token offerings, and other violations of securities laws.
Moreover, the SEC has asserted that Binance and Zhao were well aware of what they were doing, engaging in an extensive web of deception to benefit financially from investors’ actions.
Binance has denied all of the SEC’s allegations, stating that it has cooperated in the ongoing investigation and even attempted to settle.However, the SEC had other plans.
This move from the SEC highlights the growing scrutiny around the crypto market and its participants.These actions will likely have significant implications for US investors in the future – but also for the prices of major coins and tokens.
In the wake of these events, Bitcoin dropped to $25,400, its lowest value since mid-March, while Ethereum slumped to $1,780.
The following heatmap shows a sea of red, with only a handful of cryptos able to resist the bearish wave.
Many analysts now believe this could be the start of an extended downturn as US regulators continue to ramp up the pressure on the market.
However, such actions have been
criticized by many big names in the industry, such as Coinbase CEO Brian Armstrong.
The crypto community is now on edge, awaiting further developments and their potential impact.
Although it’s too early to speculate on the outcome of the SEC’s litigation against Binance, some legal experts suggest that there could be severe penalties for the exchange if the lawsuit doesn’t go in their favor – which may result in restrictions to their operations.
As the saga continues to unfold, investors globally are bracing for more downside – meaning the next few weeks will be crucial in determining the trajectory of the crypto market.
Wall Street Memes Withstands Market Turmoil & Raises $4.4 Million
Amid the market turmoil, a new cryptocurrency,
Wall Street Memes (WSM), is bucking the trend and standing firm against the bearish tide.
Wall Street Memes has carved out a niche for itself following the launch of its presale on May 26, rallying its followers and helping raise over $4.4 million in funding.
Although the broader crypto market has taken a hit, Wall Street Memes (WSM) has remained resilient – and become a hot topic among influential YouTubers in the crypto space.
My Financial Friend, a YouTuber with over 236,000 subscribers, recently released a
video discussing the WSM token in glowing terms and speculated that it could be the next 10x meme coin.
In addition, leading YouTube analyst Michael Wrubel also posted a
video breakdown of the Wall Street Memes project, pointing to the strength of its community as one of the key reasons why he’s so optimistic about its prospects.
Wall Street Memes’ robust community, combined with the support from these YouTubers, has prompted a considerable buzz around the project – with the official
Discord server seeing a massive influx of new members.
Currently, Wall Street Memes is in Stage 9 of its 30-stage presale, meaning investors can purchase WSM tokens for just $0.0274 ahead of their debut on exchanges later this year.
However, only 20 million tokens are available during each stage – once they’re depleted, the token price will increase in the following stage.
Visit Wall Street Memes Presale
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