The recent few days were not a great time for Bitcoin (BTC) bulls as regulatory action in the US against Coinbase and Binance caused BTC prices to tank. But BTC prices rallied briefly before dipping back into the red. BTC’s price volatility is also reflected in the performance of other tokens. Cardano (ADA) prices nosedived more than 10% as June rolled in.
As the market is bracing for more pressure from regulators, newer projects with transparency as a core value stand to gain in these adverse conditions. Caged Beasts ($BEASTS), a meme coin in its presale, has caught the attention of the market with its transparent policies and rewards. This article will delve into the performance of BTC and ADA. It will also delve into the potential of BEASTS.
Bitcoin Huffs and Puffs Through Regulatory Storm
Bitcoin prices took a hit as news broke out on the US SEC’s regulatory crackdown on Coinbase and Binance. Bitcoin was not among the list of tokens the SEC named in its lawsuit against Binance, but BTC prices reflected panic in the market and went down. But in a show of resilience, BTC prices displayed a brief comeback only to go down again.
BTC prices have endured almost a year of a bear market. The hostile regulatory climate in the US will impact the hopes for a climb back to normalcy. Until the market has more clarity on the regulatory framework in the making in major markets, BTC prices, much like most of the crypto market, are forecasted to be on a downward trend.
ADA Caught in the Middle of Regulatory Storm
Alt-coins reflected spiraling BTC prices after news of SEC lawsuits against exchanges emerged. Cardano was among the tokens that were named as securities in the SEC’s lawsuit against Binance, and the network reacted to the news with the ADA tanking more than 10%.
Amidst an onslaught of high-pressure regulatory shakedown, Cardano’s founder Charles Hoskinson, has urged crypto networks to join forces against US authorities’ measures. US authorities are working on legislation to regulate the crypto industry that may see tokens classified as securities. Crypto projects are bracing for tough times, but as the market has shown time and again, its ability to adapt and quickly get back on its feet. The Cardano community will hope that strong network fundamentals and emerging clarity will help tide over tough times.
Caged Beasts Underscore the Importance of Transparency in Crypto Projects
Caged Beasts, a meme coin gearing up for presale, could be a link between the present, where transparency or the lack of it is spurring regulatory attention, and the future, where crypto projects are committed to transparency as a core value. The project, while still in its infancy, has outlined its liquidity policy – a right step in the direction of fostering transparency. The project had dedicated 75% of its tokens to the presale. The remaining 25%, the project has stated, will go towards marketing efforts.
The Caged Beasts project stands out from its peers with its unique referral program, which allows holders to earn significant passive income with BEASTS. Holders have unique referral codes which they can share with their friends and family while referring the network. The holders will receive 20% of the deposited amount when someone uses their code. The holder will be rewarded instantly in ETH, BNB, or USDT, incentivizing community growth in the network. The new investor to the network, meanwhile, will be rewarded with a bonus of 20% BEASTS, a win-win for everyone involved in the project.
The Final Take
As the crypto market goes through yet another testing spell, newer projects with an emphasis on transparency stand to make the most of the crypto world. BEASTS’ focus and transparency, and community-focus, will potentially make it a strong choice in a landscape where giants like BTC and ADA.
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Source: Vietnam Insider