It’s one of those days in the crypto market. A bearish one with a confluence of negative news. Aside from the Binance US lawsuit and SEC machinations, the metaverse narrative has taken a hit. In fact, it’s all related.

Well, at the very least, Bitcoin and Ethereum and other major cryptos have managed to stem the bleed from anything too drastic at this point. We’ll take another look at the latest top-10 price action towards the end of this piece.

Firstly, let’s talk about the metaverse narrative and how that’s travelling ever since the two biggest crypto news events collided overnight (AEST).

 

Apple’s headset, the SEC and the flailing metaverse

Just as we were half tempted to ape into coins such as, er, APE as well as other metaversal tokens SAND, MANA, AXS and the like… Gazza Gensler and pals at the US SEC goes and serves the Binance exchange with a lawsuit for the illegal sale of unregistered securities in the US and mentions those specific tokens, among others.

What a coincidence that the SEC’s Binance filing timed pretty much precisely with the big reveal at the Apple Worldwide Developers Conference (WWDC) being held this week, eh?

The reveal, that is, of the Apple Vision Pro mixed-reality headset that sections of the metaverse-digging crypto community at large have been reasonably excited about for the past couple of weeks or more.

But at the WWDC great unveil, there was no mention of the word “metaverse”. Call it, or don’t call it, what you will, though, according to web3 true believers, such as CoinDesk: “it’s clear that this [Apple’s Vision Pro] technology represents a new paradigm for immersive digital experiences and will likely shape the way we build in Web3”.

As we pointed out in the lead-up, there was always a fair chance that the Apple headset reveal could’ve been a sell-the-news event for metaverse token traders/investors.

The fact that it costs a stupendous US$3,499 (AUD$5,250) per headset might also have had something to do with the metaverse token slump today.

But you can bet your bottom token that Gensler and his SEC cronies will’ve been sharing a high-pitched cackle over a glass of pinot or three at their local, having perfectly timed their Binance market dump with an added sideboard of metaverse-token cheese.

That’s just the way things work in the US at the moment. Unfortunately, until there’s a regime change that’s a bit more favourable to blockchain and crypto tech, then it’s a treading-water-amid-regulatory-sharks situation for the industry over there.

 

Top 10 overview

With the overall crypto market cap at US$1.14 trillion, down about 3.6% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

 

Around the blocks

Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.

Meanwhile, things that make you go hmmm… the SEC has deleted a large part of the bio of one of its former execs, William Hinman, from its website.

Hinman is well known in crypto circles for having declared, back in 2018, that Ethereum is not a security. His speech, and the emails that surround it, remains a key piece of evidence in the ongoing SEC vs Ripple (XRP’s founder and issuer) securities trial.