Opinion: The US SEC ends multiple reviews and the German government liquidates, which may lead to a recovery in the cryptocurrency market

ChainCatcher news, according to Decrypt, the SEC ended its review of several cryptocurrencies during the week, boosting the prices of some altcoins. On Thursday, Paxos confirmed that the SEC dropped its investigation into its sister stablecoin BUSD, leading to a 6.8% increase in BNB. On Friday, Stacks infrastructure provider Hiro also announced that the SEC concluded its three-year investigation, resulting in a rebound in the market capitalization of STX.

Earlier this month, a federal court ruling "reaffirmed" the commodity status of ETH. Although this is a non-binding decision, the court may consider this in future cryptocurrency-related cases, including those involving small-cap tokens. XRP and Cardano (ADA), both of which have been under SEC scrutiny for a long time, recently saw a 19% increase.

Bitcoin now also seems to have shed the selling pressure from the German government, which sent its last remaining bitcoins to the trading platform on Friday. Its wallet had held about 50,000 BTC for several months, but its balance has now dropped to zero. In recent weeks, the selling pressure from Bitcoin creditors in Germany, the U.S., and Mt. Gox has been a popular narrative causing market panic. Currently, with the significant decrease in Bitcoin mining difficulty, short-term traders are panic-selling at a loss, and on-chain analysts believe it may be at or near a local bottom.