Reason Behind Crypto Criticality in the Next 24 Hours

13 June 2023 is one of the most crucial dates for the crypto market, as the SEC will take center stage

The crypto market is known for its volatility, and recent price movements have caused significant fluctuations in leading cryptocurrencies like Cardano and Bitcoin. Today, on June 13, the US Securities and Exchange Commission (SEC) will take center stage at least four times. But perhaps the event with the most significant potential impact is the alleged unsealing of the SEC's internal Hinman documents in the Ripple case.

Also, at 2:00 pm EST, the hearing on the SEC's temporary restraining order (TRO) against Binance US will take place. Last week, the SEC they asked a federal judge in Washington, D.C., to freeze the assets of Binance's US subsidiary.

The global crypto market cap slid down nearly 5% a week after the SEC sued Binance and Coinbase, two giant cryptocurrency exchanges. The primary top tokens slid down from their positions in the last seven days.

Bitcoin is trading at $26,047 and is down 0.23 percent. Ethereum witnessed a significant downward trend and is trading at $1,732, following a 3.57 percent decline. The BNB token had a massive 15.67 percent decline. Cardano plummeted by a staggering 20.58 percent. Solana demonstrated a downward trend of 22.98 percent. In the past seven days, most of the leading cryptocurrencies have lost ground.

Various factors, such as regulatory changes, economic conditions, market sentiment, geopolitical events, technological advancements, and investor behavior, influence cryptocurrencies. These factors ultimately impact cryptocurrencies' supply and demand dynamics and can contribute to price fluctuations. The following 24 hours will decide whether the crypto prices will skyrocket or become ashes.