Crypto Market News: Few months after the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against top crypto exchange Binance, the U.S. Securities and Exchange Commission (SEC) had on Monday followed suit by charging the company with mishandling user funds and lying to regulators. Interestingly, the agency called several cryptocurrencies including some of the top 10 ranked tokens, as securities. Meanwhile, the new SEC Binance lawsuit comes as yet another major stumbling block not just for Binance but the entire crypto market.

Also Read: Crypto Firm Integrates ChatGPT To Enhance Risk Detection, How AI Can Help Prevent Fraud?

In March 2023, the CFTC alleged that the exchange breached US laws to solicit local users for millions in revenue. The latest lawsuit puts Binance in possibly the worst position legally, as two of the top US financial regulators have charged it.

Solana (SOL), Cardano (ADA), Polygon (MATIC) Are Securities?

On Monday, the agency filed as many as 13 charges against the crypto exchange with the highest trading volume in the world. It alleged that Binance co-founder Changpeng Zhao “CZ” mixed billions worth of funds to transfer them to a Europe based company. More importantly for the crypto trader community, the SEC’s complaint mentioned that Cardano (ADA), Polygon (MATIC) and Solana (SOL) were being traded on the platform in the form of securities. This adds to the ongoing confusion whether cryptocurrencies, or the types of crypto tokens, are securities or commodities. The complaint called these assets as investment contracts:

“Since the Binance platforms launched, defendants have made available for trading on them crypto assets that are offered and sold as investment contracts, and thus as securities.”

Thankfully, a recent draft proposal from the US lawmakers focuses on addressing these gaps in cryptocurrency regulations. Other cryptocurrencies described as securities are Filecoin (FIL), Cosmos (ATOM) and Sandbox (SAND). The pressing question remains that although the SEC claims many cryptocurrencies to be securities, there are no suitable procedures to follow in terms of registering crypto assets as securities with the agency. Meanwhile, the Bitcoin price took a sharp slump in response to the SEC Binance lawsuit news.

Also Read: Best Crypto Exchange Affiliate Programs In 2023

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Anvesh reports major crypto updates around regulation, lawsuits and trading trends. Published around 1,000 articles and counting on crypto and web 3.0. He is currently based in Hyderabad, India. Reach out to him at anvesh@coingape.com or twitter.com/BitcoinReddy

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

The broader markets are slightly recovering after experiencing a major pullback for a couple of days. While Bitcoin prices, now have regained their values above $19,000, Ethereum prices also surged beyond $1600. Currently, major altcoins are also gearing up to rise above the bearish captivity, Among them are Ripple (XRP), Solana(SOL) & Cardano (ADA) which may explode in the coming days. 

Ripple (XRP) 

The XRP price underwent an extreme bearish trend in the past month where-in it initially broke down from a symmetric triangle. Later pulled a massive leg down and formed a bearish flag. After a brief consolidation, the price dropped and currently hovering around the pivotal zones. The price is unable to rise beyond $0.34 but not decline below $0.31 either. Hence, a significant upswing may be imminent. 

With a rebound, the asset may regain the levels above $0.35 initially and later head towards $0.38, to clear these levels and test $0.4 at the earliest. Once these levels are achieved, the XRP price may be slightly distinct from the bearish influence but only after a jump beyond $0.5, the asset could attract the bulls. 

Solana (SOL)

Solana’s price also has picked up notably after the recent price crash that dropped the value by more than 10%. The asset has recovered to a large extent but facing minor hindrances as it approaches the immediate highs of around $33.89. However, the price which appears to be consolidating currently may break above the resistance very soon. 

After a breakout, the initial target would be to secure levels above $36 initially and try to reach levels close to $40. No doubt the SOL price may face rejection at these levels, but it may somehow sustain above $37.75 and regain the value above $40. 

Cardano(ADA)

Cardano has been the talk of the town ever since the date for the Ethereum Merge has been announced. Nevertheless, with the release of the date for the Vasil Hard Fork, ADA price also gained significant momentum. The price which is currently trading at $0.473 may eventually rise beyond $0.6 ahead of the Fork. 

The ADA price broke down from the ascending triangle but dropped hard and quickly began to trade again within another ascending triangle. Presently, the price is trading around $0.47 after flipping from the lows at $0.455. As the technicals suggest an upward trajectory, the asset may be primed to regain the levels above $0.52 and later head towards $0.6, slicing through $0.59.

A closely followed crypto analyst and strategist put forth his analysis claiming how the top trading cryptocurrencies could capture their lost momentum.

Bitcoin (BTC)

The analyst who is pseudonymously known as Capo informs his 487,100 admirers on Twitter that while the S&P 500 future market is seeing a positive movement, Bitcoin price might reclaim $23,000. 

However, he says that BTC might even form a lower high but once this happens, the firstborn currency will eventually break down.

While stressing about Bitcoin’s downward movement, Capo claims that Bitcoin’s crucial resistance at the moment is $23k and $23.5k and each short squeeze at this area is a better sell.

Then he asserts that the actual support lies at $19k which will confirm a bearish momentum for the King currency. The analyst further says that if this happens, the currency will plunge as low as $16,000, which is most likely to happen in the upcoming weeks.

The bearish prediction towards Bitcoin by Capo was made much earlier on March 12th when the currency was selling at $39,000. During the time he had claimed that BTC will see a break starting from $38k, then $35k and $30k.

He had also asserted that once Bitcoin falls below $30k, the currency will slide towards $23k and then trade around the $21,000 level.

At the moment, Bitcoin is valued at $20,243

Cardano (ADA)

Next, Capo discusses Cardano (ADA) and quotes that there are high chances that ADA Price will surge from a low of $0.44 to trade between $0.48 and $0.52.