Immutable (IMX) Price Rallies 15% Following SEC Investigation Closure
The cryptocurrency IMX rose by 15% following the U.S. Securities and Exchange Commission's (SEC) decision to close its investigation and cease legal actions against Immutable. The price reached $0.737, with a market cap of $1.37 billion and a 120% increase in daily trading volume exceeding $120 million.
This surge allowed IMX to recover nearly all losses from the past month, achieving its highest level since March 3. However, it has since retraced to $0.67. A rise back to $0.70 could liquidate around $449,500 in short positions.
Immutable Overcomes SEC’s Legal Challenges
Immutable received a Wells Notice regarding securities law violations but sees the SEC's withdrawal as a significant win for both the company and the Web3 industry. Co-founder Robbie Ferguson stated that this development protects digital ownership rights in gaming.
The SEC has now officially dropped its inquiry into Immutable, with no enforcement action to be taken.
Ferguson emphasized Web3's potential to enhance digital ownership for the global gaming community, citing 3.5 billion gamers worldwide.
Significant Milestones Amid Regulatory Challenges
Ferguson highlighted key achievements over the past year:
- Launch of zkEVM, now the 11th most popular blockchain.
- Introduction of Passport, surpassing 4.9 million sign-ups.
- Partnerships with three multi-billion-dollar companies.
- Doubling games on the platform to over 500.
Ferguson expressed optimism about accelerating growth moving forward.