The Securities and Exchange Commission’s (SEC) consecutive lawsuits targeting major cryptocurrency exchanges, Binance and Coinbase, sent shockwaves through the crypto industry.
Fearing potential repercussions, many investors swiftly withdrew their holdings from the exchanges, resulting in significant outflows and causing a substantial decline in the total crypto market cap.
However, just a day later, on June 7, the global crypto market staged an impressive response, recovering $30 billion, or 2.98% in the past 24 hours, according to data by CoinGecko.
Global crypto market cap chart in the past 24 hours. Source: CoinGecko
At press time, the global crypto market cap stood at $1.164 trillion, up from $1.133 trillion a day ago. The calculations are based CoinGecko’s tracking of 10,006 cryptocurrencies tracked across 751 digital asset exchanges.
Since the SEC’s first lawsuit against Binance on June 5, which instantly triggered hundreds of millions in outflows, the global crypto
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