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.

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