The global crypto market recovered $30 billion in the past 24 hours, according to data by CoinGecko. This comes after the Securities and Exchange Commission (SEC) filed lawsuits against two major crypto exchanges, Binance and Coinbase, on June 5.
The SEC’s lawsuits allege that both exchanges violated securities laws by offering and selling unregistered securities. The lawsuits caused a sell-off in the cryptocurrency market, with Bitcoin falling as low as $25,000.
However, the market has since rebounded, with Bitcoin rising above $26,700 and the total cryptocurrency market capitalization rising above $1.164 trillion.
The rebound in the cryptocurrency market is a sign that investors are still bullish on the long-term prospects of cryptocurrencies.