<p class="is-style-lead">The global crypto market witnessed a harsh wind as the US Securities and Exchange Commission (SEC) took legal action against two of the largest crypto exchanges, <a href="https://crypto.news/sec-sues-binance-and-cz-for-securities-violations/">Binance</a> and <a href="https://crypto.news/sec-sues-coinbase-just-hours-after-binance/">Coinbase</a>.</p>



<p>CoinMarketCap (CMC) data shows that the global cryptocurrency market cap saw a sharp fall from the $1.113 trillion mark to a local bottom of $1.08 trillion on June 5, when the negative news emerged.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            You might also like:
        </span>

    
    
        <a href="https://crypto.news/sec-seeks-express-court-order-to-freeze-binanceuss-assets/" class="cn-block-related-link__link">
            SEC seeks express court order to freeze BinanceUS’s assets        </a>

    
</div>


<p>However, the industry witnessed a remarkable recovery over the past 24 hours. The total market cap rose to $1.123 trillion, an almost 3% global rise, per CMC. On the other hand, the 24-hour trading volume fell from the $50 billion mark on June 6 to around $46.6 billion at the time of writing.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="1133" height="600" src="https://crypto.news/app/uploads/2023/06/BTC-price-June-7.png" alt="BTC price - June 7 | Source: Trading View" class="wp-image-14166500"/><figcaption class="wp-element-caption">BTC price &#8211; June 7 | Source: Trading View</figcaption></figure>



<p>Moreover, bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) and ethereum (<a href="https://crypto.news/price/ethereum/">ETH</a>) surged by 4% and 3.2%, respectively. With the current hike, BTC could get close to the crucial $27,000 mark with its current price of $26,820. ETH, quite similarly, rose from $1,805 to $1,875 at the time of writing.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="1137" height="605" src="https://crypto.news/app/uploads/2023/06/ETH-price-June-7.png" alt="ETH price - June 7 | Source: Trading View" class="wp-image-14166501"/><figcaption class="wp-element-caption">ETH price &#8211; June 7 | Source: Trading View</figcaption></figure>



<p>Pepe (<a href="https://crypto.news/price/pepe/">PEPE</a>) has topped the list with 15% gains in the past 24 hours. The meme coin has finally registered a significant win after three weeks of consecutive losses as the meme coin craze ended. PEPE is trading at $0.0000011 with a market capitalization of $452 million at the time of writing.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="548" src="https://crypto.news/app/uploads/2023/06/PEPE-price-June-7-1024x548.png" alt="PEPE price - June 7 | Source: Trading View" class="wp-image-14166502"/><figcaption class="wp-element-caption">PEPE price &#8211; June 7 | Source: Trading View</figcaption></figure>



<p>On the other hand, CNBC’s Mad Money host Jim Crammer <a href="https://crypto.news/cnbcs-jim-cramer-advises-exit-from-crypto-cites-high-scam-potential/">advised</a> investors to “get out” of crypto “while you can.” While Crammer mentioned a possible rise in scams, the crypto community answered with more investments, returning the global market cap to the $1.12 trillion mark.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            Read more:
        </span>

    
    
        <a href="https://crypto.news/sam-bankman-fried-expresses-concerns-over-late-evidence-in-criminal-trial/" class="cn-block-related-link__link">
            Sam Bankman-Fried expresses concerns over late evidence in criminal trial         </a>

    
</div>

Global crypto market surges despite FUD around Binance

crypto.news

Other articles published on Jun 7, 2023

Coinbase Ready to Battle SEC in Supreme Court, Claims CLO

Ethereum gas fees nearing two-month low

Dogecoin price prediction 2024-2030: DOGE to the moon?

How To: Create an NFT using ChainGPT’s AI NFT Generator

US Regulatory Shake-Up in Crypto Sector: Impact and Response from Binance and Coinbase

SEC seeks express court order to freeze BinanceUS’s assets

Join our free newsletter for daily crypto updates!