American officials are responsible for the massive fall of cryptocurrencies

The lawsuits filed by US regulators against Binance and Coinbase have hit the entire crypto industry, causing the top digital assets to fall. Cryptocurrency experts analyzed the impact of the litigation on bitcoin, ethereum, and Cardano.

Over the past week, the flagship cryptocurrency fell by 3.8%. The highest volatility occurred on June 5 and 6, when the token initially fell by 5.11% and rose by 5.82% the next day. That was also when the maximum trading volumes were recorded.

The SEC’s lawsuits against crypto exchanges have not been too critical for BTC $60,855.19 Bitcoin 0.17% Market capitalization $1.2 trillion VOL. 24 hours $0.62 billion . This is largely due to the fact that bitcoin is not mentioned in the lawsuits as a security. However, further actions of crypto exchanges had a negative impact on the asset price. For example, Binance.US announced the delisting of some trading pairs with BTC.

In general, since 2022, the focus of bitcoin fans has shifted from the United States to Asia. This is evidenced by a study by Glassnode analysts: The United States was the clear leader in BTC trading in 2020−2021. However, since mid-2022, US markets have lost about 11% of supply.

ETH $3,368.95 Ethereum -0.49% Market capitalization $404.9 billion VOL. 24 hours $0.32 billion fell more than bitcoin last week — by 7%. The dynamics completely repeated the movement of BTC. Over 7 days, the number of trading sessions when the price of the world’s second cryptocurrency fell was higher than those when it rose.

SEC Chairman Gary Gensler said that all cryptocurrencies based on the Proof-of-Stake (PoS) consensus algorithm should be regulated as securities. However, there was no mention of ETH in the lawsuits against the two exchanges.

Bloomberg Intelligence senior macro strategist Mike McGlone emphasized that the regulator’s policy could curb the growth of the ethereum’s value. And crypto trader DonAlt is bullish, expecting a 30% increase in ETH.

The cryptocurrency ADA $0.38 Cardano -4.80% Market capitalization $13.49 billion VOL. 24 hours $22.88 million , unlike bitcoin and ethereum, lost quite a bit in price over the week — more than 26%. On Monday, June 5, the token dropped by 6.77%, and on Wednesday — by 8.72%.

Cardano is involved in SEC lawsuits against Binance and Coinbase as a security. Therefore, a large collapse in the ADA price is expected. Cardano’s parent company, Input Output Global (IOG), believes that the SEC has made a number of inaccuracies about ADA, which is not and has never been a security under US law.

As predicted by crypto analysts at the end of last week, Cardano failed to hold on to the $ 0.32 level, dropping below $ 0.30 — the token is currently trading at $ 0.27. Thus, ADA is at its lowest level since March 2023.