Big Eyes Coin Soars to $33 Million Amid Ongoing Crypto Bull Run Despite Regulatory Pressure on Binance and Coinbase
This accomplishment arrives at a time when the cryptocurrency market is experiencing an ongoing bull run
Big Eyes Coin (BIG), a freshly minted meme cryptocurrency with a feline theme, has achieved an impressive fundraising feat of $33 million during its presale phase. This accomplishment arrives at a time when the cryptocurrency market is experiencing an ongoing bull run, despite the regulatory pressures facing some of the industry's major players, such as Binance and Coinbase, from authorities in the United States.
The SEC Tightens Its Grip on Crypto Industry Amid Market Bull Run
The recent collapse of the FTX cryptocurrency exchange in 2022 has added fuel to the ongoing regulatory pressure from the US Securities and Exchange Commission (SEC) on the digital asset industry. While the SEC has been tightening its grip on crypto regulations since 2017, the FTX bankruptcy has provided the agency with a solid reason to further crackdown on the industry.
The collapse of FTX, one of the largest crypto exchanges in the market, led to a significant drop in market capitalization, falling below $1 trillion. This created a chain reaction that still affects the stability of the virtual and real worlds. In March 2023, the California-based Silvergate Bank and Signature Bank, both crypto-friendly banks, went bankrupt, leading to a banking crisis in the US.
As a result, investors worldwide turned to cryptocurrencies as a hedge against the banking crisis, leading to a market bull run. When the US government intervened to bail out the bankrupt financial institutions, the price of cryptocurrencies surged to new heights. Bitcoin (BTC) reached its highest price in nine months at $29,000, while Ethereum (ETH), the second-largest cryptocurrency, crossed the $1,800 mark.
However, as the bull run continued, the SEC intensified its crackdown on the crypto industry. In February, the SEC issued a “wells notice” to Paxos, a New York-based finance and technology company, over the sale of Binance USD as an unregistered security. The New York Department of Financial Services also ordered Paxos to stop issuing BUSD a day after the notice.
In addition, the Commodity Futures Trading Commission (CFTC) sued Binance and its CEO, Changpeng Zhao, alleging that Binance violated US trading laws by coaching its VIP customers within the US on how to evade compliance control secretly. Binance responded to the allegations, calling the lawsuit unexpected and disappointing.
The same week, the SEC issued a Wells notice to another crypto exchange platform, Coinbase, regarding some of the products listed on its platform. A wells notice is a notification process the SEC follows to inform a business that it is planning to take future action against it.
Late in March, the SEC sued another crypto exchange, Beaxy.com, for running an unregistered exchange, brokerage, and clearing company. Despite the US government tightening its regulations and intensifying the crackdown on the crypto industry, the market continues to experience a bull run.
Big Eyes Coin Raises Over $33 Million in Presale and Counting
Big Eyes Coin (BIG), a new meme coin built on the Ethereum blockchain, has seen impressive growth during its presale stage, raising more than $33 million since late 2022. The platform operates using the BIG token, which serves as both a utility and governing token for the platform.
To increase investor interest, the Big Eyes Coin project team has introduced loot boxes ranging from $9.99 to $9,999, which can yield up to $1 million worth of BIG tokens. The team has also offered a 250% bonus code, BULLRUN250, to attract more crypto enthusiasts to invest in the project.
Additionally, the loot boxes will now include loot cards that can be minted as NFTs and custom-made cards, in addition to BIG tokens. These new and innovative NFTs can be traded on OpenSea, a Web3 marketplace for NFTs and digital collectibles. The NFTs can be minted for 0.05 ETH.
Despite the US regulatory bodies' crackdown on industry giants such as Binance and Coinbase, the crypto market continues to thrive with the support of its investors. After weathering the worst of the banking crisis, the crypto industry is now demonstrating resilience to the US government and regulators.
Find out more about Big Eyes Coin (BIG):
Disclaimer: This article is a paid publication and does not have journalistic/ editorial involvement of Hindustan Times. Hindustan Times does not endorse/ subscribe to the contents of the article/advertisement and/or views expressed herein.
The reader is further advised that Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.
Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the views, opinions, announcements, declarations, affirmations etc., stated/featured in same. The decision to read hereinafter is purely a matter of choice and shall be construed as an express undertaking/guarantee in favour of Hindustan Times of being absolved from any/ all potential legal action, or enforceable claims. The content may be for information and awareness purposes and does not constitute a financial advice.