Most digital currency prices traded Tuesday back near the breakeven levels reached after the Securities and Exchange Commission last week declared that bitcoin and Ether don’t warrant the regulatory scrutiny that traditional securities are subjected to.

The SEC stance wasn’t enough to keep one notorious initial coin offering proponent — John McAfee — as sure of the alternative crowd funding mechanism as he had been, as the ICO market remains a target of law enforcement.

In Tuesday action, a single bitcoin BTCUSD, +1.87% last changed hands at $6,709.14, down 0.3% since Monday 5 p.m. Eastern Time on the Kraken crypto exchange.

The total value of all cryptocurrencies remained below $300 billion, last valued at $292 billion, slightly above last Thursday’s $290 billion peak, according to data from Coinmarketcap.com.

Last week, the SEC said bitcoin and Ether shouldn’t be labeled as securities, marking a victory for digital-currency enthusiasts who said that conventional securities laws shouldn’t apply to those assets that operate on the decentralized ledger, the technological backbone that underpins cryptocurrencies like bitcoin or Ether, among others.

However, the enthusiasm around that win hasn’t immediately crystallized into a more substantial price swing for bitcoin or the broader virtual-asset complex, market participants said.

“We just appear to be back in a state of fluctuation,” said Craig Erlam, senior market analyst at Oanda. “Whether it’s really good news or not may depend on how clear the ruling was for cryptocurrencies and the level of regulation people want. I’m not convinced it’s enough of a bullish catalyst to have a great impact on prices at the moment.”

Read:BIS warns that wide bitcoin adoption could break the internet

McAfee out on ICOs

Despite the crypto market’s general relief shown to last week’s SEC stance, cybersecurity guru John McAfee still claims to be spooked. He announced via Twitter that due to threats from the SEC he will no longer be recommending ICOs.

McAfee revealed in April that he had charged as much as $105,000 per tweet to promote specific ICOs.

In his announcement, McAfee said that he will be penning an article on an alternative to ICOs that he claims cannot be touched by regulatory bodies.

Read:Bitcoin $1 million! Cybersecurity legend John McAfee ramps up NSFW wager

Altcoins showing life

Coins alternative to bitcoin, known as altcoins, are outperforming bitcoin in Tuesday trading.

Ether ETHUSD, +5.00% has risen 2.5% to $532.00, Bitcoin Cash BCHUSD, +3.59% is up 0.5% at $891.70, Litecoin LTCUSD, +3.18% is down 1.5% to $97.92 and XRP XRPUSD, +0.99% the coin that runs on the Ripple protocol, is trading at 54 cents, up 0.4%.

Futures finished Tuesday with small gains. The Cboe July bitcoin futures contract US:XBTN8 finished up 0.6% at $6,747.50, while the CME June contract US:BTCM8 closed 0.5% higher at $6,735.

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