Some traders say show me the price and I will tell you the story. The chart below says it all.
- An astonishing development for the cryptocurrency market. With Bitcoin gaining in price momentum against all odds and predictions. The SEC and the crypto market seem to be at odds over the classification of digital assets, with the former viewing them as securities while the latter treats them as commodities.
BTC Price Chart
- In the midst of SEC Enforcement Week, Binance and Coinbase have faced legal action which has impacted their operations. Binance has seen a decline in net transfer volume and COIN opened 20% lower than the previous day’s close.
- Data from TradingView shows that BTC/USD is bouncing back, reaching $27,000 after dipping to almost three-month lows of $25,350 earlier in the day. ETH is also 4% higher. The drop followed news that the US Securities and Exchange Commission (SEC) is suing Coinbase for allegedly acting as an unregistered broker. The move comes just a day after legal proceedings against Binance, the largest crypto exchange in the world.
- Interestingly, bitcoin’s 5.4% contraction on Monday isn’t even among the top 50 largest one-day declines since 2021. Despite the SEC naming 13 altcoins as securities, none of them have declined more than 3% and some even traded higher during the day. Stay tuned for more updates on the ongoing crypto-regulatory saga.
- The rebound is welcome news for the digital asset after falling below the $26,000-$27,000 trading range that has stabilized prices over the past month. Analysts were even predicting a selloff down to $22,000.
- With Binance being the pillar of the crypto universe, there are concerns that fears over it could create the crypto equivalent of a run on the bank, potentially threatening the operations of this key player. Despite the SEC lawsuits, the outflows for “unregistered securities” on Coinbase and Binance remain small.
- Lucy Walker is a journalist that covers finance, health and beauty since 2014. She has been writing for various online publications.
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