- The US Securities & Exchange Commission initiated a crackdown on 67 crypto assets worth $100 billion in market capitalization.
- Crypto market capitalization has declined 8.3% over the past seven days, sustaining above $1 trillion at the time of writing.
- Experts have compiled a list of cryptocurrencies that are likely to yield gains for holders in the next crypto bull run.
The US financial regulator’s crackdown on cryptocurrencies wiped out over $100 billion in crypto market capitalization. The Securities & Exchange Commission (SEC) labeled 67 crypto assets as securities, increasing the selling pressure on these cryptocurrencies.
Experts have identified five cryptocurrencies that traders are accumulating for gains in the next bull run.
Also read: Bitcoin hodlers accumulate $960.4 million in BTC a month during the crypto bloodbath
US SEC labels 67 cryptocurrencies as securities
The SEC listed 10 cryptocurrencies as securities in its lawsuit against Binance and 13 in its allegations against Coinbase. The US financial regulator added more assets to the list of securities in its case against the two cryptocurrency exchanges, driving the total to 67 cryptos with a combined market capitalization of $100 billion.
Nearly 10% of the overall crypto market capitalization is struggling with crumbling selling pressure in response to the SEC’s clampdown.
The following is a list of cryptocurrencies that the SEC has labeled as securities:
XRP (XRP), Telegram’s Gram (TON), LBRY Credits (LBC), OmiseGo (OMG), DASH (DASH), Algorand (ALGO), Naga (NGC), Monolith (TKN), IHT Real Estate (IHT), Power Ledger (POWR), Kromatica (KROM), DFX Finance (DFX), Amp (AMP), Rally (RLY), Rari Governance Token (RGT), DerivaDAO (DDX), XYO Network (XYO), Liechtenstein Cryptoasset Exchange (LCX), Kin (KIN), Salt Lending (SALT), Beaxy Token (BXY), DragonChain (DRGN), Tron (TRX), BitTorrent (BTT), Terra USD (UST), Luna (LUNA), Mirror Protocol (MIR), Mango (MNGO), Ducat (DUCAT), Locke (LOCKE), EthereumMax (EMAX), Hydro (HYDRO), BitConnect (BCC), Meta 1 Coin (META1), Filecoin (FIL), BNB (BNB), Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), COTI (COTI), Paragon (PRG), AirToken (AIR), Chiliz (CHZ), Flow (FLOW) Internet Computer (ICP), Near (NEAR), Voyager Token (VGX) and Nexo (NEXO), Mirrored Apple Inc. (mAAPL), Mirrored Amazon.com, Inc. (mAMZN), Mirrored Alibaba Group Holding Limited (mBABA), Mirrored Alphabet Inc. (mGOOGL), Mirrored Microsoft Corporation (mMSFT), Mirrored Netflix, Inc. (mNFLX), Mirrored Tesla, Inc. (mTSLA), Mirrored Twitter Inc. (mTWTR), Mirrored iShares Gold Trust (mIAU), Mirrored Invesco QQQ Trust (mQQQ), Mirrored iShares Silver Trust (mSLV), Mirrored United States Oil Fund, LP (mUSO), Mirrored ProShares VIX Short-Term Futures ETF (mVIXY).
Crypto market capitalization declined from $1.198 trillion to $1.098 trillion between June 4 and the time of writing.
Crypto market capitalization
Experts have identified the following assets for the next bull run.
Top 5 cryptocurrencies for the next bull run
Crypto expert (@0xFinish on Twitter) identified these five cryptocurrencies for traders to accumulate during the bloodbath. According to the expert, these assets have the potential to yield gains in the next bull run and traders can scoop them up at a discount during the ongoing bloodbath.
- Arbitrum (ARB)
- Frax Share (FXS)
- Curve DAO (CRV)
- GMX (GMX)
- Chainlink (LINK)
Arbitrum is a Layer 2 scaling solution developed by Off-chain labs and the project has captured a large volume of market share. The total value of assets locked on Arbitrum is upwards of $2.1 billion, based on data from DeFiLlama. The protocol’s ARB token is trading at $1 at the time of writing, 88.41% below its all-time high of $8.67.
Frax Share is a utility token that traders stake for the governance of stablecoins and infrastructure protocols in the Frax ecosystem. FXS price declined 25% over the past week, offering traders an opportunity to scoop up the token nearly 90% below its all-time high of $42.80. At the time of writing, FXS price is $4.88.
Curve DAO’s CRV token is a DeFi utility token of an automated market marker. The protocol aids the exchange of different ERC-20 tokens and supports token swaps. At the time of writing, CRV price is $0.672, up 4.3% since Saturday.
GMX is a governance token for the decentralized exchange GMX, a perpetual exchange on the Arbitrum Layer 2 network. GMX price is $45.15, up nearly 2% overnight. The token is 50.41% below its all-time high of $91.07.
Chainlink’s token LINK represents the decentralized oracle platform. LINK is exchanging hands at $5.17, after posting 2.4% gains since Saturday, despite the marketwide crypto bloodbath.
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