Rising Bitcoin Dominance Amid Regulatory Pressure on Altcoins | June 16, 2023

#Bitcoin's market dominance is nearing its highest point in two years, likely driven by an escalating regulatory crackdown on altcoins and crypto companies in the U.S. Notably, this development comes in the wake of the U.S. Securities and Exchange Commission's (SEC) legal actions against major exchanges Coinbase and Binance. The #SEC specifically labelled certain tokens such as #SOL, #ADA, #MATIC, and others as securities, which has led to a substantial drop in their value relative to Bitcoin.

There's a broad consensus among regulatory bodies like the SEC and the Commodity Futures Trading Commission (CFTC) that Bitcoin is considered a commodity rather than a security. However, the classification of Ethereum's ETH is not as clear-cut, raising potential concerns. If ETH and other altcoins are deemed securities, we could see even more stringent regulatory measures affecting a majority of crypto anssets other than #Bitcoin. This could potentially further amplify Bitcoin's market dominance. #News #BTC #Crypto #MarketWatch