The crypto market is experiencing a downturn due to regulatory actions against major platforms like Binance and Coinbase by the US Securities and Exchange Commission (SEC).
The market cap has fallen to around $1.02 trillion, with Bitcoin, Ethereum, and Cardano being heavily affected.
Cardano has seen a significant price drop and is expected to face further bearish trends in the coming days. However, investors are optimistic about a potential bullish resurgence following this downturn.
Many investors are also now looking at newly-listed projects, such as Wall Street Memes and ecoterra, as potential opportunities to hedge against the wider bear market.
Cardano Reacts as Regulatory Crackdown Tightens
At press time, Cardano’s $ADA token is trading at $0.25, indicating a downtrend of 7.49% in the last 24 hours.
The asset’s losing streak is further accentuated by a double-digit loss of 20.94% in the last week.
While it has struggled to remain in the bullish angle, its one-hour performance has been on the lowly 0.1% gain so far.
Taking a broader perspective, it becomes evident that significant market news plays a crucial role in influencing the performance of crypto assets.
In the case of $ADA, its recent performance reflects a decline of 29.41% over the past month and 20.38% in the last 90 days.
The token’s 180 days performance is also negative, with a minus 1.63%, while its year-to-date (YTD) growth is the only positive, showing an increase of 5.37%.
$ADA displays a strong sell signal in its moving average convergence divergence (MACD) indicator.
Furthermore, its relative strength index (RSI) has slipped into an oversold figure at 20.49 due to SEC regulatory crackdown on major US crypto exchanges.
Regulatory limbo has been a staple of the crypto space, especially in the United States. While the world’s largest economy has interfaced with the decentralized economy the most, the US has been the least receptive to a non-stated controlled financial landscape.
As a result, regulatory authorities in the country have been indecisive about overseeing the growing crypto ecosystem, with multiple agencies vying to take the lead.
Among the regulatory voices, the US SEC has been the most vocal, gaining attention for its labeling actions.
Its most famous legal lawsuit with the Ripple blockchain’s XRP is ongoing as the top US authority labeled the cross-border token a security.
More recently, the SEC has shifted its strategy and has started targeting the exchanges that facilitate the trading of the vast cryptocurrency market rather than individually labeling each token.
In a recent announcement, the SEC charged Coinbase, a prominent exchange, with operating an unlicensed national securities platform, citing its unregistered staking-as-a-service program. Similar charges were brought against Binance.US.
The government agency also cast a wide net on digital assets labeling Solana, Cardano, Polygon, and many others as ‘securities. However, the protocols behind these assets have denied the allegations.
This latest move has forced crypto broker Robinhood to end support for the aforementioned digital currencies in a bid to stir clear of the SEC’s scrutiny.
However, crypto investors believe this would not impact the broader appeal of the Cardano protocol.
According to Twitter user @TheOCcryptobro, the next bull cycle would come from the Asian markets of which Cardano has a strong presence.
What Coins Are Traders Bullish on Now?
While the SEC is name-dropping several altcoins as securities, investors are becoming increasingly wary.
Cardano and co seem to be the target at the moment, but its total value locked (TVL) is significantly picking up, according to data from DeFiLlama.
Nonetheless, investors are shifting their focus to new tokens as major coins struggle, with Wall Street Memes and ecoterra two projects that are gathering bullish momentum.
Wall Street Memes Defies Bear Market as Presale Surges Past $7m
Wall Street Memes is a brand new meme coin project that’s raised $7m through its presale in less than 3 weeks.
Based on the GameStop events of 2021, Wall Street Memes prides itself on the ultimate expression of the internet’s triumph over unchecked capitalism.
Millions of retail investors joined forces in 2021 to buy up shares of struggling companies and bet corporate finance’s forecasts of their fall.
Wall Street Memes is now looking to tokenize this effort and belief system through memes. The platform’s massive appeal has seen it draw in over 1 million community members and gain the attention of Elon Musk.
It is also one of the most researched projects, with 400 million impressions made so far on the internet following its launch a month ago.
The project’s distinguishing factor lies in the impressive track record of its anonymous developers, setting it apart from other meme projects.
The team previously launched the Wall Street Bulls NFT collection in 2021 on the Ethereum network, which sold out in under 32 minutes.
Additionally, they have recently introduced another NFT collection named Wall Street Bull Ordinals, with a specific focus on the Bitcoin network.
Coupled with its incorporation of various financial internet memes, market analysts predict the project has the potential to secure a listing on a top-tier exchange after the conclusion of its presale stage.
Like other cryptocurrency projects, Wall Street Memes operates through its native token, $WSM, built on the ERC-20 standard.
Early-bird investors can invest in the Wall Street Memes presale value of $0.0289 before the next price hike in two days.
Ecoterra Also Rising as it Builds Recycle2Earn App to Fight Climate Change
Another crypto project on investors’ radar is ecoterra. Fully vetted and audited by Certik, ecoterra seeks to amply our chances against climate change.
The blockchain protocol introduces a decentralized spin into the recycling game by enabling individual users to contribute to the fight against greenhouse emissions.
To accomplish this, the project allows users to access recycling vending machines (RVM) to recycle plastic, glass, and aluminum waste. In return, they get rewarded with digital assets.
The process is monitored using ecoterra’s Recycle-to-Earn (R2E) app, which also shows users’ contribution towards a carbon-free planet.
The platform also runs a carbon offset marketplace for individuals and companies to buy carbon credits. This inclusivity has been a huge draw the ecoterra protocol has enjoyed since its debut a couple of months ago.
Given this, its $ECOTERRA token has performed impressively in its presale stage and has raised over $5.13 million.
Early-bird investors can buy $ECOTERRA at its presale value of $0.00925 before the next price hike.