Over the past week, the US government’s attack on cryptocurrency has become more pronounced, and a number of altcoins with significant market caps have fallen sharply.
Exchange tokens have emerged as the category that produced rewards for holders despite the regulatory obstacles.
Regulators are closely monitoring Binance, and the BNB price is an exception to the story of exchange tokens.
While Binance fights heavy regulatory scrutiny and other trading sites are departing the United States to deal with the ongoing crackdown on virtual assets, Coinbase reported that the exchange was sent a Wells Notice.
Exchange tokens have emerged as a category that performed well over the last week and this weekend despite these events, resulting in benefits for holders.
Exchanges fight off US regulators’ scrutiny as exchange token prices rise.
Two narratives heated up and gained acceptance among market participants when the Bitcoin price increase stalled earlier this week. With the successful conclusion of the Arbitrum airdrop, both the Ethereum Layer 2 currencies and ZK tokens gained attention.
However, the majority of cryptocurrencies in the top 30 have declined, with the exception of a handful, like XRP, after the US regulators stepped up their crackdown on exchanges.
Holders of exchange tokens have been given a chance, with gains occurring over the previous week and since March 31. Holders saw gains of 2% to 5% on Uniswap (UNI), Synthetix (SNX), Gate (GT), Loopring (LRC), and THORChain (RUNE).
Sushi (SUSHI) and dYdX (DYDX), two DEX tokens, fall under the same heading.
What can we anticipate from exchanging tokens the upcoming week?
Updates, including expansion and development goals, have recently been made public by DEXes. Similar to the BNB chain’s debut of PancakeSwap’s Version 3. It will be interesting to observe how these pronouncements affect the governance of the exchange and utility tokens, as well as whether uptrending tokens like UNI, SNX, GT, LRC, and RUNE continue.
