The cryptocurrency market saw a surge in prices on Wednesday with the world's largest cryptocurrency Bitcoin (BTC) surging over 4% to trade near the $27,000 trading level amid SEC legal action against crypto exchanges Coinbase and Binance.
Apart from Bitcoin, which surged to $26,936, Ethereum (ETH) also had a significant surge past the $1,850 level. BTC trading volume reached approximately $23.77 billion, showing a 17% increase in the past 24 hours.
Based on an Economic Times report, Shubham Hudda, Senior Manager at CoinSwitch Markets Desk said that the crypto market has shown resilience by trading higher in the last 24 hours. He said that the crypto fear and greed index has also regained its position in neutral territory, up 9 points since June 6.
Additionally, Hudda believes this positive development can be attributed to the industry's strong resilience, despite the recent lawsuits served on major exchanges by the SEC.
Apart from BTC, cryptocurrencies such as Ethereum, XRP, Dogecoin, are also trading in green reversing their losses on June 7. Bitcoin (BTC) traded 4.6% higher at $26,742.61
with a market capitalization of $521.9 billion, while the volume of trading amounted to $22.9 billion. However, the price of Bitcoin declined by over 2% in the last week.
Industry observers believe Bitcoin is resilient to the SEC's crackdown on cryptocurrency exchanges, and the classification of several tokens including Cardano, Polygon, and Solana as securities. Analysts also noted that the development caused some cryptocurrency traders to return to dealing in Bitcoin.
Ethereum, the second largest cryptocurrency also gained momentum as it surged over 3.6% to $1,878.35. Its market capitalization amounts to $225.71 billion while the trading volume is $9.06 billion.
As for the meme token leader, Dogecoin on the other hand jumped 4.3% to trade at $0.06959 with a market value of $9.71 billion. Its volume amounted to $428.1 million while Shiba Inu rose 0.75% with a market cap of $4.77 billion in the 24-hour trading period.
