solana and ICP have gained over 49% against Bitcoin since the SEC labeled them as securities
bitcoin
-altcoins-securities.jpg” />
With Bitcoin down around 20% from its year-to-date high, it’s often helpful to zoom out and look at the broader picture. I have a recorded chart of all tokens listed in the Coinbase and Binance lawsuits (C&B cases) filed on June 6 and June 5, 2023, respectively, and their prices in Bitcoin.
For context, both binance and Coinbase are currently defending their positions in US courts. The central issue in both cases is whether crypto assets offered by these exchanges should be classified as securities and therefore fall within the scope of SEC regulation.
Tokens identified as potential securities in the above-mentioned cases included Alogrand, Solana, Cardano, near, Filecoin, and others, as shown in the chart below. Let’s examine how these assets have performed compared to Bitcoin over the last 8 months and then look at the performance of some of the prominent tokens in dollar terms.
For context, we will first look at the performance of this group of digital assets since the black swan event that preceded the C&B lawsuits, namely the bankruptcy filing and subsequent collapse of FTX. The exchange filed for Chapter 11 bankruptcy on November 11, 2023, when Bitcoin was priced around $16,900. It has gained nearly 140% against the dollar since then, with only two assets outperforming it.
Solana and ICP saw a 116% and 9% increase in their prices in BTC, respectively. All other tokens listed as potential securities are down between -41% and -80% against Bitcoin
Token performance since FTX crash
The best was cardano, which lost 41% of its value against Bitcoin; the worst was Chilliz, which dropped -80%. In dollar terms, Cardano increased by 50% while Chilliz decreased by 53%, which shows the strength of Bitcoin over the last 15 months.
Performance since Coinbase and Binance SEC lawsuits.
When Binance and Coinbase were hit with SEC lawsuits within a day of each other last June, the market was shaken by the impact of two of the most prominent names in crypto exchanges being so directly targeted. When Binance launched on June 5, Bitcoin dropped from $26,800 to $25,300. However, Coinbase regained its value the day it was launched and slowly fell to around $25.00 in the middle of the coin.
On June 20, 2023, BlackRock applied for participation in the Bitcoin ETF; In this filing, Bitcoin’s price rose above $30,000 until the stock market sell-off in August reversed the gains. From there, it traded sideways until Grayscale’s victory in court against the SEC; Meanwhile, the price surged towards a 2-year high of $49,000 on the day the spot Bitcoin ETFs launched. At this peak, Bitcoin was up 90% since the C&B case.
Events affecting Bitcoin price since the Coinbase case
As of press time, Bitcoin, which has suffered some decline, is up 47% since the C&B case, with the three assets outperforming. Solana and ICP outperformed Bitcoin this time by 169% and 49% respectively. However, Near Protocol also increased by 8% in Bitcoin.
Token performance since Binance and Coinbase lawsuits
All other tokens were under threat of being categorized due to a Security falling against Bitcoin within the time frame; the worst right now is Dash, down -56%; The least affected was Cardano, down -15%.
Specifically, against the dollar, Solana, ICP and Near are up 286%, 265% and 145% respectively in the same time period. Moreover, even Dash, the biggest loser against Bitcoin, gained 4%, while Cardano gained 87% against the dollar.
coins and dollar price since suits
When you price everything in cryptocurrency dollars, you can miss the decline of your assets in Bitcoin.
Binance and Coinbase are defending their positions in court.
Although much of the industry has focused on ETFs this year, Binance’s case was heard in a Washington courtroom on January 22, presided over by Judge Amy Berman Jackson of the District of Columbia, while Coinbase’s case was heard in a New York court on January 17. Judge Katherine Polk Failla is presiding over the hearing.
The SEC’s argument against Binance focused on Binance’s BUSD stablecoin and BNB token, and suggested that at least the BNB token may have initially been sold as an investment contract. Binance’s defense challenged the applicability of the Howey test to cryptocurrencies and cited the SEC’s decision in Zakinov v. Surge Labs.
Coinbase also disputed the suitability of the Howey test for cryptocurrencies. The SEC’s broad approach has raised concerns about expanding the definition of securities to include categories generally outside its jurisdiction, such as collectibles. Judge Failla acknowledged the complexity of the matter and deferred his decision.
Elliott Stein, Bloomberg’s senior litigation analyst, assessed that there is a 70% chance that the SEC’s lawsuit against Coinbase in June 2023 will be dismissed. However, in either case, the SEC’s victory could have significant impacts on the cryptocurrency industry. It could mandate crypto exchanges to treat digital tokens as securities and fundamentally change how these assets are managed and regulated in the United States.
The outcomes of these cases will set a precedent for future regulation of digital assets in the country and will likely have a material impact on the tokens at stake in the C&B cases.
#Solana #ICP #gained #Bitcoin #SEC #labeled #securities
bitcoin
-altcoins-securities.jpg” />
With Bitcoin down around 20% from its year-to-date high, it’s often helpful to zoom out and look at the broader picture. I have a recorded chart of all tokens listed in the Coinbase and Binance lawsuits (C&B cases) filed on June 6 and June 5, 2023, respectively, and their prices in Bitcoin.
For context, both binance and Coinbase are currently defending their positions in US courts. The central issue in both cases is whether crypto assets offered by these exchanges should be classified as securities and therefore fall within the scope of SEC regulation.
Tokens identified as potential securities in the above-mentioned cases included Alogrand, Solana, Cardano, near, Filecoin, and others, as shown in the chart below. Let’s examine how these assets have performed compared to Bitcoin over the last 8 months and then look at the performance of some of the prominent tokens in dollar terms.
For context, we will first look at the performance of this group of digital assets since the black swan event that preceded the C&B lawsuits, namely the bankruptcy filing and subsequent collapse of FTX. The exchange filed for Chapter 11 bankruptcy on November 11, 2023, when Bitcoin was priced around $16,900. It has gained nearly 140% against the dollar since then, with only two assets outperforming it.
Solana and ICP saw a 116% and 9% increase in their prices in BTC, respectively. All other tokens listed as potential securities are down between -41% and -80% against Bitcoin
Token performance since FTX crash
The best was cardano, which lost 41% of its value against Bitcoin; the worst was Chilliz, which dropped -80%. In dollar terms, Cardano increased by 50% while Chilliz decreased by 53%, which shows the strength of Bitcoin over the last 15 months.
Performance since Coinbase and Binance SEC lawsuits.
When Binance and Coinbase were hit with SEC lawsuits within a day of each other last June, the market was shaken by the impact of two of the most prominent names in crypto exchanges being so directly targeted. When Binance launched on June 5, Bitcoin dropped from $26,800 to $25,300. However, Coinbase regained its value the day it was launched and slowly fell to around $25.00 in the middle of the coin.
On June 20, 2023, BlackRock applied for participation in the Bitcoin ETF; In this filing, Bitcoin’s price rose above $30,000 until the stock market sell-off in August reversed the gains. From there, it traded sideways until Grayscale’s victory in court against the SEC; Meanwhile, the price surged towards a 2-year high of $49,000 on the day the spot Bitcoin ETFs launched. At this peak, Bitcoin was up 90% since the C&B case.
Events affecting Bitcoin price since the Coinbase case
As of press time, Bitcoin, which has suffered some decline, is up 47% since the C&B case, with the three assets outperforming. Solana and ICP outperformed Bitcoin this time by 169% and 49% respectively. However, Near Protocol also increased by 8% in Bitcoin.
Token performance since Binance and Coinbase lawsuits
All other tokens were under threat of being categorized due to a Security falling against Bitcoin within the time frame; the worst right now is Dash, down -56%; The least affected was Cardano, down -15%.
Specifically, against the dollar, Solana, ICP and Near are up 286%, 265% and 145% respectively in the same time period. Moreover, even Dash, the biggest loser against Bitcoin, gained 4%, while Cardano gained 87% against the dollar.
coins and dollar price since suits
When you price everything in cryptocurrency dollars, you can miss the decline of your assets in Bitcoin.
Binance and Coinbase are defending their positions in court.
Although much of the industry has focused on ETFs this year, Binance’s case was heard in a Washington courtroom on January 22, presided over by Judge Amy Berman Jackson of the District of Columbia, while Coinbase’s case was heard in a New York court on January 17. Judge Katherine Polk Failla is presiding over the hearing.
The SEC’s argument against Binance focused on Binance’s BUSD stablecoin and BNB token, and suggested that at least the BNB token may have initially been sold as an investment contract. Binance’s defense challenged the applicability of the Howey test to cryptocurrencies and cited the SEC’s decision in Zakinov v. Surge Labs.
Coinbase also disputed the suitability of the Howey test for cryptocurrencies. The SEC’s broad approach has raised concerns about expanding the definition of securities to include categories generally outside its jurisdiction, such as collectibles. Judge Failla acknowledged the complexity of the matter and deferred his decision.
Elliott Stein, Bloomberg’s senior litigation analyst, assessed that there is a 70% chance that the SEC’s lawsuit against Coinbase in June 2023 will be dismissed. However, in either case, the SEC’s victory could have significant impacts on the cryptocurrency industry. It could mandate crypto exchanges to treat digital tokens as securities and fundamentally change how these assets are managed and regulated in the United States.
The outcomes of these cases will set a precedent for future regulation of digital assets in the country and will likely have a material impact on the tokens at stake in the C&B cases.
#Solana #ICP #gained #Bitcoin #SEC #labeled #securities
