The U.S. SEC is closely monitoring various cryptocurrency assets. In its recent legal action against Coinbase, it classified SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO as securities. In a similar lawsuit against Binance, BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI were identified as affected assets.
Following the accusations of being securities, the collective market value of these assets experienced a decline of approximately $20 billion. Nonetheless, a recent report has highlighted that these 19 aforementioned cryptocurrency assets are observing an increase in trading activity. This development sheds light on the growing maturity of the market and the involvement of investors. According to data from CCData, the combined trading share of these tokens has risen by around 2%, reaching approximately 13%.
Solana’s Crypto Triumphs: Cardano’s Lag in Comparison
Certain assets have displayed varying degrees of recovery rates. Solana, which initially experienced a decline of approximately 35%, has managed to rebound and is currently up by 11%. On the contrary, Cardano has struggled to regain its footing, with ADA’s value decreasing by roughly 20% since the start of June.
Certain tokens encountered delisting actions from platforms such as Robinhood, Bakkt, and Bitstamp. Nevertheless, these assets maintain a substantial international following, receiving support from exchanges outside the United States. According to a report from CCData, trading volume on U.S.-based exchanges constitutes only 10% of the total crypto trading volume. Notably, Binance and Coinbase, prominent global and U.S. exchanges respectively, refrained from delisting any of the aforementioned assets.
The collective upswing in trading volume patterns indicates that investors might be capitalizing on the volatility of these assets to generate profits. Currently, Bitcoin appears to be excluded from this trend due to its consolidation phase. In addition to the mentioned targeted assets, investors also appear to be showing interest in other tokens. For example, THOR has surged by nearly 300% in the past week, while RUNE has appreciated by over 50%.