The global crypto market took a hit on Monday as news broke of the SEC’s lawsuit against Binance and its CEO. However, despite the negative sentiment in the market, whales remain focused on a few altcoins, indicating their bullish stance.
Ripple (XRP) saw a 17% price surge before the broader crypto industry’s retracement, with XRP whales doubling down on their bullish stance. The DeFi staking boom has also benefited LidoDAO (LDO), with crypto whales increasing their bets on its native LDO token. Another altcoin, Optimism (OP), has been attracting strategic whale investors, with holders anticipating further price gains if whales continue to buy in June 2023.
Meanwhile, despite new SEC action against Binance and Coinbase, analysts believe that the market has already priced in the news, and Bitcoin and other cryptocurrencies have rallied. Bitcoin reached $27,000 for the first time since the weekend, indicating the market’s resilience.
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In conclusion, while the SEC’s lawsuit against Binance has caused market volatility, whales remain bullish on altcoins, indicating that there is still significant demand for cryptocurrencies. As the market continues to evolve and regulatory challenges arise, it’s crucial to stay informed and cautious when making investment decisions.