• The crypto market rebounds from SEC lawsuit against Binance and Coinbase, with a 3% increase and Bitcoin surging by 4%.
• Gaming and metaverse tokens like Axie Infinity (AXS) and The Sandbox (SAND) have also seen strong movement this week.
• Options trading platform Greeks.live reports an ETH block call traded yesterday, accounting for 57% of the day’s volume, with a notional value of $540 million.
Crypto Market Rebounds Following SEC Lawsuit
The broader crypto market has registered a strong rebound following the U.S. Securities and Exchange Commission (SEC)’s lawsuit against two of the biggest crypto trading platforms – Binance and Coinbase. The broader crypto market is up by 3% at press time, while the BTC price surged 4% moving closer to $27,000. Altcoins such as Ethereum (ETH), XRP, Dogecoin (DOGE), among others have also made a strong move upside today gaining 2-4 % each. Data from options trading platform Greeks.live shows that daily volume was up over 400%, while short-term IV rose slightly due to V-reverse market driving options volume sharply higher.
Solana (SOL) & Polygon (MATIC)
In its recent lawsuit against Binance, the SEC named several altcoins such as Solana (SOL) and Polygon (MATIC) that have been trading as unregistered securities which faced a selling pressure since the beginning of this week in the market due to this news.
Whale Bid for ETH
Options trading platform Greeks reported a 290k ETH block calls traded yesterday accounting for 57% of the day’s volume, with a notional value of $540 million consisting mainly of nearly 100,000 sets of calendar spreads with strike price lower compared to last month but it would be difficult for ETH price to cross past $2000 due to inherent bearish characteristic of current market movement.
Gaming & Metaverse Tokens Show Potential
Gaming and metaverse tokens like Axie Infinity (AXS) and The Sandbox (SAND) have also shown some strong movement this week showing potential opportunities for 10x investment gains in these particular tokens if investors chose them wisely after doing research about these projects before investing any money into it..
Conclusion
The crypto industry seems breaking out of its usual pattern following US equities as cryptocurrencies have faced some selling pressure despite US equity indexes being on a strong footing since start ogf this week suggesting that investors still believe in this asset class despite regulatory actions taken my government agencies like SEC etc which shows confidence in the market overall but investors should also do their own research before investing into any specific token or project so they can make informed decisions when investing their hard earned money into cryptocurrencies space!