Market Rally Stalls Following Latest SEC Filing Against Binance

Cryp­to mar­kets start­ed off the week in the green, but bull­ish momen­tum plateaued fol­low­ing the lat­est fil­ing from the Secu­ri­ties and Exchange Com­mis­sion (SEC) in the agency’s ongo­ing legal spat with Binance, the world’s largest cryp­to exchange.

A major­i­ty of the top 20 dig­i­tal assets by mar­ket cap­i­tal­iza­tion ral­lied between 1% and 2% in the ear­ly hours of Sept. 18. How­ev­er, this surge van­ished fol­low­ing the SEC’s request for an inspec­tion of Binance US and the agency’s sub­se­quent call for courts to force the exchange to pro­vide rel­e­vant documentation.

Bit­coin fell around 2% from a peak near $27,394 to $26,868, while Ether slipped 1.6% to $1,640.

Solana’s SOL has shown resilience of late, post­ing an 11% gain over the last sev­en days.

Lead­ing tokens by sev­en-day gains is Ton­coin, up 49%, fol­lowed by Bit­coin Cash at 19.3%, and Lite­coin at 14%.

DeFi Rallies

The over­all com­bined DeFi mar­ket cap­i­tal­iza­tion gained approx­i­mate­ly 7% in the past week, accord­ing to CoinGecko.

Half of the top-per­form­ing tokens in the sec­tor rose over 10%. Thor­chain is up 30.8%, and Aave gained 17.5%, fol­lowed by Mak­er and Chain­link, which ral­lied 15%.

Base Leads Layer 2 Throughput

Coinbase’s Base net­work has again become the top Lay­er 2 net­work by through­put, which is up a whop­ping 130% in the past week. The resur­gence of social app friend.tech has been dri­ving increased activ­i­ty on Base.