Bitcoin Nears $27,000, XRP, Dogecoin Rise Over 4% Despite SEC Suing Crypto Exchanges
The cryptocurrency market saw a spike in the prices on Wednesday with the world’s largest cryptocurrency Bitcoin (BTC) surging over 4% to trade at almost $ 27,000 amid the SEC lawsuits against the crypto exchanges Coinbase and Binance.
Other than Bitcoin, which spiked to $26,936, Ethereum (ETH) also experienced a notable surge surpassing the $1,850 mark. BTC’s trading volume reached approximately $23.77 billion, showing a 17% increase in the last 24 hours.
As reported by Economic Times, Shubham Hudda, the Senior Manager at CoinSwitch Markets Desk said that the crypto markets have shown resilience by trading higher in the past 24 hours. He said that the crypto fear and greed index has also regained its position in the neutral territory, rising 9 points since June 6.
Moreover, Hudda believes this positive development can be attributed to the industry’s strong resilience, despite recent lawsuits served to the major exchanges by the SEC.
Other than BTC, cryptocurrencies such as Ethereum, XRP, Dogecoin, also traded in green reversing their losses on June 7.
Bitcoin (BTC) was trading 4.3% higher at $26,885.02 with a market capitalization of $521.9 billion, while trade volume stood at $22.9 billion. However, Bitcoin price declined by over 2% in the last week.
Industry observers believe Bitcoin has been a beneficiary of the SEC’s crackdown on cryptocurrency exchanges, and the classification of some tokens including Cardano, Polygon, and Solana as securities.
Analysts also stated that the developments were causing some cryptocurrency traders to return to dealing with Bitcoin.
Ethereum, the second largest virtual currency also gained momentum as it surged over 3.6% to $1,878.35. It’s market capitalization stood at $225.71 billion while trading volume was $9.06 billion in the past day.
Dogecoin on the other hand surged 4.3% to trade at $0.06959 with market value of $9.71 billion. Its trade volume stood at $428.1 million while Shiba Inu rose 0.75% with a market cap of $4.77 billion in the 24-hours trading period, according to the data available on CoinMarketCap.
Other top crypto tokens BNB, XRP, Solana and Polkadot also traded with gains.
Also Read: Crypto Skeptic JP Morgan CEO Jamie Dimon Not Running For Office
- SEC Chair Paul Atkins Says Crypto Is Top Priority At SEC CFTC Roundtable
- Legal Expert Breaks Down XRP’s Appeal as Ripple SWIFT Debate Heats Up
- Crypto Stakeholders Push Back as Banks Seek Yield Ban Provision in CLARITY Act
- Crypto ETFs Approval Faces Uncertainty as Government Shutdown Looms, Bloomberg Analyst Says
- Fed’s Hammack Backs Restrictive Policy Over Rate Cuts Amid Inflation Concerns
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data
- XRP Price Prediction: How XRP Could React After October 2025 SEC ETF Decisions
- Aster Price Prediction as US President Adds $110M Worth of Tokens to His Portfolio
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
