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The Securities and Exchange Commission&#8217;s (SEC) consecutive lawsuits targeting major <a href="https://en.coin-turk.com/" target="_blank" rel="noopener" data-wpel-link="internal">cryptocurrency</a> exchanges Binance and Coinbase sent shockwaves through the crypto industry. Fearful of potential repercussions, numerous investors rapidly withdrew their assets from the exchanges, leading to significant outflows and a substantial drop in the total cryptocurrency market value. 
<h2 style="text-align: justify;" id="current-situation-in-cryptocurrency-exchanges">Current Situation in Cryptocurrency Exchanges</h2>
However, according to data from CoinGecko, just one day later, on June 7, the global cryptocurrency market showed a striking response by rebounding $30 billion or 2.98% in the last 24 hours. 
As of writing, the global crypto market value has risen from $1.133 trillion the previous day to $1.164 trillion. The calculations are based on CoinGecko&#8217;s tracking of 10,006 cryptocurrencies listed across 751 crypto asset exchanges. 
Since the SEC&#8217;s first lawsuit against Binance on June 5, which immediately triggered hundreds of millions in outflows, the global cryptocurrency market value has fluctuated between $1.132 trillion and $1.180 trillion. 
<img decoding="async" loading="lazy" class="aligncenter wp-image-82232 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/06/crypto-4.png" alt="" width="1364" height="570" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/crypto-4.png 1364w, https://en.coin-turk.com/wp-content/uploads/2023/06/crypto-4-300x125.png 300w, https://en.coin-turk.com/wp-content/uploads/2023/06/crypto-4-768x321.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/06/crypto-4-1200x501.png 1200w" sizes="(max-width: 1364px) 100vw, 1364px" />
<h2 style="text-align: justify;" id="bitcoin-helps-recover-market">Bitcoin Helps Recover Market</h2>
As expected, the leader in cryptocurrency, <a href="https://en.coin-turk.com/crypto-market-challenges-strengthen-amid-sec-interference-optimistic-predictions-for-bitcoin/" target="_blank" rel="noopener" data-wpel-link="internal">Bitcoin</a> (BTC), which has increased approximately 5% in the last 24 hours, led the recovery in crypto prices. At the time of writing, BTC was trading at $26,500. 
According to leading crypto expert Michaël van de Poppe, to prevent a downfall, Bitcoin needs to stay above the $26,100 level. Otherwise, if it falls below this threshold, it will also lead to a loss in the 200-week moving average (MA) in the global cryptocurrency market value, he added. 
Meanwhile, amid a broader market recovery, other cryptocurrencies that saw significant price increases include Ethereum (ETH), XRP (XRP), and Dogecoin (DOGE), which rose by 3.2%, 6%, and 2.8% respectively. 
More strikingly, Terra Classic (LUNC) provided investors with a double-digit return of over 12% during the day and added approximately $57 million to its market value. 
<img decoding="async" loading="lazy" class="aligncenter wp-image-82231 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/06/crypto2-1.png" alt="" width="1406" height="678" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/crypto2-1.png 1406w, https://en.coin-turk.com/wp-content/uploads/2023/06/crypto2-1-300x145.png 300w, https://en.coin-turk.com/wp-content/uploads/2023/06/crypto2-1-768x370.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/06/crypto2-1-1200x579.png 1200w" sizes="(max-width: 1406px) 100vw, 1406px" />
The post <a rel="nofollow" href="https://en.coin-turk.com/cryptocurrency-market-recovers-despite-ongoing-sec-lawsuits/" data-wpel-link="internal">Cryptocurrency Market Recovers Despite Ongoing SEC Lawsuits</a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Cryptocurrency Market Recovers Despite Ongoing SEC Lawsuits

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