The cryptocurrency market is in the midst of a tumultuous bear phase that’s shaken every trader from newcomers to the most experienced. Altcoins have been affected the most and that includes blockchain gambling projects.
Over the past 7 days, most crypto gambling tokens have taken a hit. The Tron blockchain’s $WIN token ranked 3rd amongst gambling tokens, is down just over -17%. Associated with crypto gambling project WINkLink, the $WIN token has seen better days.
Despite this, the token’s overall 24-hour volume has been consistent, sitting at just over $4 million each day. WinkLink’s current global cryptocurrency rank is #349 with a market cap of $59 million.
Outside of Tron, FUNToken also known as $FUN on Ethereum is down -23% over the last 7 days. After a steady climb to $0.006 in early May the token has now fallen below $0.0040. Coming in 2nd amongst crypto gambling tokens FUNToken’s market cap sits at $40 million with a trading volume of around $300,000 each day.
In 1st place is Augur’s $REP token with a market cap of $43 million. Trading at around $5.00 this week $REP fell sharply on June 12 from recent $6.00 highs.
Bitcoin and Ethereum have both taken their own hits this last week. Bitcoin is down -3.5% compared to Ethereum at -6.9%. It's clear that should these return a consistent bull run in the coming months, altcoins will be taken along for the ride. Other leading altcoins such as Binance's $BNB token are down -22.7% followed by $XRP at -2.7% and Cardano's $ADA token down a steep -24%.
Alongside the bear market and fluctuating cryptocurrencies, the SEC has taken action against multiple cryptocurrency exchanges in the U.S. Exchanges targeted by the SEC include Binance, Crypto.com, Coinbase and Kraken, all major players in the centralised crypto trading ecosystem.
In the U.S., the SEC is calling for tighter crypto regulations and will penalise centralised exchanges if they step out of line.
Although the exchanges in question say they have been following the SEC’s guidelines and vow to tackle the government’s aggressive new rule implementation, some victims, like Kraken, have had to pause certain trading features for U.S. based customers.