One of the biggest reasons for the pullback in the market, the SEC has resonated with the only cryptocurrency it has approved so far.
The increasing pressure from the SEC on cryptocurrencies and their exchanges has caused a significant drop in the market. Turning the route of the stable market to a downtrend, the SEC shook the entire altcoin market, except for the only crypto currency Stacks (STX), which it approved. However, with BTC testing the 3-month bottom price yesterday evening, sales-side transactions in STX increased. STX, which has decreased by 7.70 percent in the last 24 hours, was on the list of the top losers of the day. This shows that even the only cryptocurrency approved by the SEC did not remain strong against the market crash.
Stacks (STX) Evaluation
Stacks (STX), the only cryptocurrency that benefited from the SEC’s lawsuit against Binance and Coinbase, had greatly appreciated. Coming from $0.52 to $0.67, STX rose 28 percent as the altcoin market crashed. STX, which has fallen by 35 percent in the last 5 days, has not been able to pass a tooth to Bitcoin (BTC) and Ethereum (ETH), although it is the only cryptocurrency approved by the SEC.
STX, which fell 10.34 percent to $ 0.475 within hours due to BTC slumping below $25,000, can use the $0.44 level it tested a few days ago as the next support level. In the scenario where the uptrend starts, it can be followed to exceed the short-term peak price of $ 0.67.
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