Cryptocurrencies To Watch: Week of June 12
The crypto market took a huge hit last week, largely due to the lawsuits that the United States Securities and Exchange Commission (SEC) filed against crypto giants Binance and Coinbase. This caused the market to lose billions in market cap, and it’s unclear how the events will unfold and what further impact they will have. Most coins are in the red, with a select few being only slightly affected.
This week, we examine PAX Gold (PAXG), XRP (XRP), Bitcoin (BTC), Monero (XMR), and Gnosis (GNO). In selecting these assets, we have considered several factors, including, but not limited to, positive technical developments, significant news events, and noticeable changes in price.
PAX Gold (PAXG) is a cryptocurrency backed by gold and was created by those behind Paxos Standard. PAXG may be seeing less of an impact from the effects of the SEC’s lawsuits because it is a token that aims to make gold easier to trade.
Gold is often used as a reserve asset during volatile periods, and this may be working to its benefit. PAXG is trading at around $1,924, having been priced at $1,944 last week (see chart below).
PAXG Price: TradingView
Ripple Lab's XRP, is actually doing well in this volatile time because it won the motion to unseal the Hinman documents in its case against the SEC.
The documents in question contain statements made by former SEC member Bill Hinman, who stated that Ether was not a security. XRP is currently changing hands at around $0.52, having traded at $0.53 last week (see chart below).
XRP Price: TradingView
Bitcoin (BTC) was one of the strongest currencies in the market this week. When investors move out of altcoins during a bearish period, they tend to put their funds into stablecoins or Bitcoin. This is possibly
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