The cryptocurrency market saw a 1% increase on Wednesday, surpassing $3 trillion. Bitcoin reached $94,200, marking new highs for three days. SUI outperformed with a 20% gain, while Cardano and Ethereum gained 5% and 4%, respectively. In contrast, the SEC charged PGI Global’s founder over $198 million in fraud, and Gate.io pledged compensation for affected users during a trading interruption.
As of this Wednesday, the cryptocurrency market capitalisation increased by 1%, crossing the notable $3 trillion threshold for the first time in April. Bitcoin (BTC) has also set impressive new highs, reaching a price of $94,200 and marking gains on three consecutive trading days. Notably, SUI is the top-performing altcoin, having surged by 20%, while Cardano (ADA) and Ethereum (ETH) have experienced gains of 5% and 4% respectively.
In more detail, Bitcoin’s recent performance saw a 4% increase earlier this week, reinforcing its streak of record-setting prices. In conjunction with Bitcoin’s uptrend, Bitcoin ETFs witnessed over $921 million in inflows on Tuesday, representing the highest single-day totals since the US SEC authorised these ETFs in January 2024. The inflows have been notably driven by Ark Invest’s ARKB fund.
SUI led the altcoin recovery with a remarkable 20% rise within 24 hours, primarily attributed to heightened developer activity and speculative momentum. Cardano (ADA) followed closely behind with a substantial 4.3% increase, motivated by enthusiasm surrounding its scaling upgrades and expansion in decentralised finance (DeFi). Meanwhile, Ethereum (ETH) also showed signs of recovery with a 3.5% rise despite facing persistent scalability issues.
In regulatory news, the SEC has charged Ramil Palafox, the founder of PGI Global, over a fraudulent scheme that allegedly defrauded investors of nearly $198 million. The allegations suggest misuse of investor funds for personal luxury purchases, with the SEC pursuing injunctions and recovery of funds.
Gate.io has announced it will fully compensate users affected by a temporary suspension of its futures trading services due to an unexpected surge in traffic, aiming to maintain user trust. Compensation will cover system-related losses, although specifics regarding the calculation and distribution method are yet to be published.
