{"id":333288,"date":"2023-06-12T16:31:03","date_gmt":"2023-06-12T15:31:03","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=333288"},"modified":"2023-06-12T17:02:55","modified_gmt":"2023-06-12T16:02:55","slug":"gaming-sector-hit-hard-as-nexo-outperforms-tokens-listed-in-sec-lawsuits","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/gaming-sector-hit-hard-as-nexo-outperforms-tokens-listed-in-sec-lawsuits\/","title":{"rendered":"Crypto gaming sector hit hard as Nexo outperforms tokens listed in SEC lawsuits"},"content":{"rendered":"

The fallout from the U.S. Securities and Exchange Commission (SEC) lawsuits against major cryptocurrency exchanges Binance<\/a> and Coinbase<\/a> is\u00a0starting to play out in the market.<\/p>\n

The legal action sent shockwaves throughout the crypto market, affecting many tokens in the lawsuits as evidence that the exchanges have been trading crypto securities. Analyzing the performance of these tokens against Bitcoin since the cases were announced produces the following chart.<\/p>\n

On June 6, the tokens mentioned in the lawsuits began to decline, with the sell-off accelerating for most of them coming on June 10.<\/p>\n

Gaming-related tokens such as CHZ, SAND, MANA, FLOW, and AXS all saw double-digit drawdowns of up to 28%.<\/p>\n

The only token to avoid the June 10 collapse was Nexo's native token.<\/p>\n

\"binance
Source: TradingView<\/figcaption><\/figure>\n

Tokens mentioned in one or both of the suits included SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, NEXO, ATOM, SAND, MANA, ALGO, and COTI. The below chart shows a screener of the tokens and their performance throughout 2023.<\/p>\n

\"coinbase
Source: TradingView<\/figcaption><\/figure>\n

Potential security token performance<\/h2>\n

Of all tokens listed in the lawsuits, Nexo's native token appears to have outperformed others by some margin when denominated in Bitcoin.<\/p>\n

The token used on the Nexo exchange to unlock higher yields and other features is down just 5.19% over the past month. Furthermore, it is down 40% since the start of the year, ranking sixth in the year-to-date (YTD) rankings of tokens mentioned in the lawsuits.<\/p>\n

Nexo pulled out<\/a> of the U.S. in 2022, citing “a lack of regulatory clarity” as the main reason behind the decision. The move does not necessarily mean Nexo would be immune to prosecution by the SEC, as the regulatory body can still pursue legal actions against the company for past activities or ongoing violations involving US-based customers.<\/p>\n

However, it appears NEXO has avoided the same downturn impacting other tokens.<\/p>\n

Cardano (ADA) also demonstrated resilience in the face of adversity, with a weekly increase of 4.48%, indicating a slight recovery since the lawsuit. However, compared to its monthly and yearly performance, Cardano suffered a decline of -26.24%.<\/p>\n

Furthermore, Polygon(MATIC), Sandbox (SAND), Cosmos (ATOM), Decentraland (MANA), Algorand (ALGO), and Coti have all managed to claw back some market share in the past seven days.<\/p>\n

Notably, tokens with higher trading volume on Binance, such as ADA and MATIC, seem to have weathered the storm better than tokens with lower trading volume, such as FLOW.<\/p>\n

Solana (SOL) experienced a weekly change of -0.65% as the price struggled to recover after the market-wide sell-off. However, its overall performance this year remains relatively stable, with only a -1.18% decline in value.<\/p>\n

Solana was also struck by the collapse of FTX due to its association with the exchange's founder, Sam Bankman-Fried which caused SOL to fall over 70% before recovering somewhat. When the SEC lawsuits were released, SOL's price was down 91% from its all-time high and subsequently fell a further 21.9%.<\/p>\n

In addition, tokens like FLOW, AXS, and NEAR have faced a more significant impact, struggling to recover, with weekly changes of -1.08%, -0.89%, and -0.34%, respectively. These tokens have experienced substantial declines both in their monthly and yearly performance.<\/p>\n

Reviewing the data, it's clear that the lawsuits undoubtedly impacted the performance of mentioned tokens. While some tokens have shown signs of recovery, others have been more severely affected and struggled to regain prior price levels.<\/p>\n

Broader implications<\/h2>\n

Throughout the broader crypto market, the SEC's lawsuits have had significant repercussions<\/a> on the cryptocurrency market, impacting tokens labeled as securities and leading to massive liquidations, with over $200 million wiped off within one hour from traders holding positions on the market.<\/p>\n

The total market cap of digital assets declined by 2.87% to $1.12 trillion. Additionally, the cryptocurrency market saw net outflows of over $40 billion over the first 24 hours after the lawsuits' release, with all top 10 cryptocurrencies posting losses.<\/p>\n

As the cryptocurrency industry continues to debate<\/a> the next steps, the outcome of the SEC lawsuits against Binance and Coinbase will play a crucial role in shaping future market dynamics. Regulatory measures and their effects on various tokens and exchanges remain uncertain, capturing the attention of investors and industry professionals.<\/p>\n

Despite the initial turbulence, some tokens have demonstrated resilience, highlighting the adaptability within the market. The long-term influence of the lawsuits on the cryptocurrency landscape is yet to be determined.<\/p>\n

*All figures are according to data from TradingView on June 12.
\n
\nDisclaimer: Nexo has been an advertising partner of CrytoSlate.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The fallout from the U.S. Securities and Exchange Commission (SEC) lawsuits against major cryptocurrency exchanges Binance and Coinbase is\u00a0starting to play out in the market. The legal action sent shockwaves throughout the crypto market, affecting many tokens in the lawsuits as evidence that the exchanges have been trading crypto securities. Analyzing the performance of these […]<\/p>\n","protected":false},"author":1264,"featured_media":333390,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,77873,77968,11],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nCrypto gaming sector hit hard as Nexo outperforms tokens listed in SEC lawsuits<\/title>\n<meta name=\"description\" content=\"Exploring the impact of SEC lawsuits on Binance and Coinbase, and the ripple effect on cryptocurrency tokens.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/gaming-sector-hit-hard-as-nexo-outperforms-tokens-listed-in-sec-lawsuits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto gaming sector hit hard as Nexo outperforms 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