Best Crypto to Buy Now 9 June – Immutable X, Render, Stacks
The cryptocurrency industry is in turmoil, with Coinbase and Binance experiencing a massive outflow of over $4 billion in recent days.
This is due to the allegations by the SEC of federal securities law violations, leading to a significant number of users leaving these exchanges.
Given these circumstances, how might this impact the selection of the best cryptos to buy now?
Between Monday and Thursday, the combined net outflow of $3.1 billion through the Ethereum network and the $864 million drop in bitcoin (BTC) on these three platforms indicate that withdrawals exceeded incoming deposits.
Nevertheless, the exchanges have proven their competence in handling the situation by processing withdrawals in an orderly manner.
The first domino fell on Monday when the SEC initiated a lawsuit against Binance, Binance.US, and their Chief Executive Changpeng “CZ” Zhao, inciting a flurry of federal securities law violation accusations. The following day, the SEC filed a similar lawsuit against Coinbase.
This string of legal actions triggered a significant reaction in the crypto market, most visible in the tokens named as securities in the lawsuits, including Binance's BNB, Cardano's ADA, and Polygon's MATIC.
These tokens experienced a significant decline throughout the week. Troubled by the recent regulatory crackdown, crypto traders have been pulling their funds out of the affected exchanges.
Binance, the largest crypto exchange globally in terms of trading volume, witnessed a net outflow of $2 billion on the Ethereum blockchain over four days, inclusive of ETH and all Ethereum-based tokens.
BTC outflows also exceeded deposits by approximately $838 million during this period. However, it's worth noting that these outflows, while significant,
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