<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>



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<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>



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Global crypto market surges despite FUD around Binance

crypto.news

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