Despite regulatory troubles for Binance and Coinbase, major cryptocurrencies such as Bitcoin and Dogecoin rose by 5% in the past 24 hours, indicating bullish strength. Other major tokens such as Litecoin, XRP, and Shiba Inu also saw gains of up to 4%, leading to a 3.3% rise in the total crypto market capitalization to $1.12 trillion. The bounce back came after a record liquidation event on Monday, which saw over $293 million worth of token-tracked futures products liquidated.

The US Securities and Exchange Commission charged Binance and Coinbase with selling unlicensed securities in the country, causing some market observers to suggest that crypto majors termed as securities in the SEC filings could see near-term turbulence.