SEC clarifies Filecoin's FIL token as security, Greyscale pushes back

The world of digital currencies has been hit with another shockwave as the U.S. Securities and Exchange Commission (SEC) enters yet another dispute over the classification of a major cryptocurrency.

Timeline of Filecoin

Grayscale said May 17 that the U.S. Securities and Exchange Commission (SEC) asked it to withdraw the registration statement for its Filecoin Trust. The SEC told Grayscale that Filecoin's FIL token meets the definition of a security under the relevant laws.

The latest assessment of the Filecoin price analysis indicates a bearish trend as the cryptocurrency faces yet another decline. Following a downward trajectory for two days, the price has now dropped to $4.42.

Filecoin (FIL) price has come under pressure in the past few weeks as concerns about the platform continues. FIL dropped to a low of $5.26, which is about 44% below the highest point this year.

The recent Filecoin price analysis shows that the asset has been on a bullish impulse as its price surged by 0.59% over the past 24 hours to hit $5.30 at press time. The past few hours have been highly encouraging for the buyers, as the price glided past the $5.20 support level with relative ease.

The latest Filecoin price analysis shows an uptrend in the price action for the FIL/USD pair, with prices rising from around $5.45 all the way up to the $5.66 level. FIL opened its trading session at the $5.64 level before the bears took control pushing the price down to the current level of $5.

The Filecoin price analysis shows a drop in value today, but the bearish momentum is not threatening at the moment. As market selling pressure increased during the morning, the price fell to $5.38.

The Filecoin price analysis shows signs of bearish activity as the bears have returned to the price charts after a bullish trend earlier today. Filecoin has been stuck in a downward trend and appears to be heading for lower levels.

Filecoin price analysis shows a bearish market sentiment since it has been trading on a downtrend pattern since the beginning of the day. The selling pressure has had the upper hand dropping the price from a high of $6.38 to its current value of $6.10.

Filecoin has been on an uptrend in 2023, and the breakout past the $5 and $5.65 levels in January was a crucial development. A look at the daily timeframe showed that the $6.44-$7.25 was a bearish order block on that timeframe,

Protocol revenue, or the total fees generated on the chain increased 5% in Q1 2023 on a quarter-on-quarter basis, while the supply-side revenue going to the storage providers dipped.