Top Crypto News Of The Day Curated by CoinChapter.com Ethereum Price Tumbles Over 6%

Ethereum (ETH) has experienced a sharp 6.79% decline in the past 24 hours, with its price dropping to $2,943.31. The cryptocurrency’s market cap now stands at $355.24 billion, with a 24-hour trading volume of $30.70 billion.

ETH fell below $3k mark. Source: TradingView

This downturn has led to the liquidation of 221,704 traders, as reported by Coinglass. The largest single liquidation order occurred on Binance in the ETH/USDT trading pair, valued at $18.48 million.

Source: Coinglass

The price drop is largely attributed to delays in the approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC). The SEC has requested resubmissions of S-1 forms, potentially postponing the launch of these ETFs until mid-to-late July. This delay has created market uncertainty, impacting investor sentiment.

Crypto News: BNB Faces Steep Decline 

BNB, the native token of Binance, has seen a significant 7.62% drop in the last 24 hours, with its price falling to $485.20. The cryptocurrency’s market cap is now $71.61 billion, with a 24-hour trading volume of $2.79 billion.

Source: TradingView

This decline is primarily due to ongoing regulatory scrutiny faced by Binance in multiple jurisdictions, increasing uncertainty and risk perception among investors.

In response to these challenges, Binance.US has released a statement declaring its readiness to continue fighting the SEC. The platform emphasizes that it was founded to serve clients according to U.S. rules and regulations. Binance.US claims to have used the SEC’s limited guidance to conduct compliant business and stresses that the SEC has yet to identify any evidence of wrongdoing during its 11-month investigation.

XRP Price Falls as Legal Battle Persists

XRP has experienced a 7.69% decline, bringing its price down to $0.4176. The market cap for XRP now stands at $23.27 billion, with a 24-hour trading volume of $2.20 billion.

Source: TradingView

This price drop is closely linked to the ongoing legal battle between Ripple and the SEC, which continues to weigh heavily on investor confidence.

Despite Ripple’s efforts to advance its cross-border payment solutions, the persistent legal issues have kept XRP under pressure. The uncertainty surrounding the lawsuit’s outcome remains a significant factor in XRP’s market performance.

Crypto News: Toncoin Dips Despite Positive Integration News

Toncoin (TON) saw its price drop by 4.61% to $6.96. The market cap for Toncoin is now $17.35 billion, with a 24-hour trading volume of $702.07 million. This decline is attributed to general market volatility that tends to affect newer cryptocurrencies more significantly.

Source: TradingView

However, there’s a notable positive development for TON. Hamster Kombat, a popular tap-to-earn game, has announced a token launch on the TON network. This integration could drive substantial user engagement and transaction volume.

Cardano Sees Double-Digit Drop Amid Market Pressures and Debate

Cardano (ADA) experienced a substantial 10.91% decline, dropping its price to $0.3477. Cardano’s market cap is now $12.43 billion, with a 24-hour trading volume of $763.46 million. Broader market conditions and competitive pressures from other blockchain platforms have influenced ADA negatively.

The drop has sparked a debate in the crypto community. Crypto influencer Ben Armstrong (BitBoy Crypto) referred to ADA as a “dead coin,” questioning whether investors should prioritize ideals over portfolio performance. Cardano’s founder, Charles Hoskinson, responded to Armstrong’s post on X. He argued that it goes against the original ethos of cryptocurrencies. Despite the controversy, Cardano continues to focus on technological advancements such as upcoming Chang Hard Fork upgrade.

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