In short: The SEC's lawsuit against Binance and Coinbase continued to impact the crypto market on Tuesday as it lost almost 4%. DOGE reached a 3-month low, dropping by over 7% to $0.06483, and SOL fell by over 9% to a low of $19.42. Both cryptocurrencies have been impacted by the breakout which occurred on the RSI indicator. There's speculation that the SEC may target more crypto firms.
Our quick analysis:
The global cryptocurrency market faced a minor setback on Tuesday, losing almost 4% of its total value. Dogecoin and Solana were among the biggest losers, with Dogecoin falling to a three-month low due to the United States Securities and Exchange Commission (SEC) suing Binance and Coinbase.
As per reports, the SEC has sued Binance for allegedly violating U.S. securities laws, while Coinbase has been accused of operating as an unregistered broker. This news has impacted the value of Dogecoin, which is already known for its high volatility. The meme coin dropped by more than 7% and hit its lowest point since March 10.
Similarly, Solana, which had been on the rise since the start of the week, also experienced a sharp decline of more than 9%. The coin hit an intraday low of $19.42, which is its lowest point since May 27.
Both Dogecoin and Solana's decline can be attributed to the relative strength index (RSI) moving below key points of support. For Dogecoin, the RSI fell below 33.00, while for Solana, it fell below 42.00. The RSI is currently tracking at 29.33 and 40.63 for Dogecoin and Solana, respectively, which indicates that the coins are in oversold territory.
While the crypto market is currently in a state of flux, there is no denying that the SEC's legal action can have a significant impact on the industry. It remains to be seen if more crypto firms will face the SEC's scrutiny, but regardless, investors need to remain vigilant.
In conclusion, the crypto market is a fickle beast, and investors must brace themselves for the ups and downs that come with investing in digital currencies. The endgame is uncertain, but those who remain invested in reputable coins and tokens are likely to see decent returns.
What are your thoughts on the SEC's legal action against Binance and Coinbase? Let us know in the comments section.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
The global cryptocurrency market faced a minor setback on Tuesday, losing almost 4% of its total value. Dogecoin and Solana were among the biggest losers, with Dogecoin falling to a three-month low due to the United States Securities and Exchange Commission (SEC) suing Binance and Coinbase.
As per reports, the SEC has sued Binance for allegedly violating U.S. securities laws, while Coinbase has been accused of operating as an unregistered broker. This news has impacted the value of Dogecoin, which is already known for its high volatility. The meme coin dropped by more than 7% and hit its lowest point since March 10.
Similarly, Solana, which had been on the rise since the start of the week, also experienced a sharp decline of more than 9%. The coin hit an intraday low of $19.42, which is its lowest point since May 27.
Both Dogecoin and Solana's decline can be attributed to the relative strength index (RSI) moving below key points of support. For Dogecoin, the RSI fell below 33.00, while for Solana, it fell below 42.00. The RSI is currently tracking at 29.33 and 40.63 for Dogecoin and Solana, respectively, which indicates that the coins are in oversold territory.
While the crypto market is currently in a state of flux, there is no denying that the SEC's legal action can have a significant impact on the industry. It remains to be seen if more crypto firms will face the SEC's scrutiny, but regardless, investors need to remain vigilant.
In conclusion, the crypto market is a fickle beast, and investors must brace themselves for the ups and downs that come with investing in digital currencies. The endgame is uncertain, but those who remain invested in reputable coins and tokens are likely to see decent returns.
What are your thoughts on the SEC's legal action against Binance and Coinbase? Let us know in the comments section.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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