DeFi Token Surges 6% Amid Bitcoin, Ethereum Slide After Coinbase CEO Stokes Regulatory Worries

Lido DAO LDO/USD is up 6% in the last 24 hours, outperforming Bitcoin BTC/USD and Ethereum ETH/USD.

What Happened: Lido surged on rumors boosted by Coinbase COIN CEO Brian Armstrong that the Securities and Exchange Commission (SEC) might ban staking for retail customers.

LDO is the governance token of the decentralized autonomous organization behind Lido. At the time of writing, LDO is trading at $2.77.

See More: Top Indian Apps That Give Bitcoin, NFT Rewards 

Armstrong said in a Twitter thread that he believes this would be a “terrible path for the U.S. if that was allowed to happen.”

Data provided by DeFiLlama indicates that the total value locked in the Lido protocol has seen an incredible 33% increase in the past month, reaching an all-time high of $8.56 billion. 

Price Action: BTC was trading at $22,920, down 1.70% in the last 24 hours, according to Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin Slide Amid Staking-Ban Rumors: Analyst Sees Apex Crypto Losing Love After Valentine's Day Inflation Report

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Posted In: CryptocurrencyGovernmentNewsRegulationsTop StoriesSECMarketsMoversTrading IdeasBrian ArmstrongLida DAO
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