US SEC's Positive News Ignored, Crypto Market Slips Again!
TradingKey – On Friday, August 1, the global crypto market shed over $150 billion, dropping 3.8% from $3.9 trillion to $3.75 trillion, despite a major regulatory win from the U.S. Securities and Exchange Commission (SEC).
Key losses across top assets:
- Bitcoin (BTC): -3.2%, now trading near $117,740
- Ethereum (ETH), Ripple (XRP), Solana (SOL): all down 6%+
- Dogecoin (DOGE): -7.9%, reflecting broader meme coin weakness
Top 10 Crypto Price Changes – Source: CoinMarketCap
In a landmark policy shift, SEC Chair Paul Atkins declared that most crypto assets do not qualify as securities, launching Project Crypto to modernize U.S. securities laws for blockchain-native assets.
Key initiatives include:
- Clear guidelines for token classification
- Parallel trading frameworks for crypto and traditional securities
This marks a sharp departure from the Biden-era enforcement-first approach, signaling a more rules-based and innovation-friendly regulatory environment.
Despite the regulatory tailwind, the market continued to slide. However, according to Bernstein Research, this correction is not the start of a bear market, but rather a healthy pullback in an early-stage bull cycle.
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