The surge in Bitcoin has slowed, with trading dropping below $70,000, possibly impacted by the legal battles involving Coinbase and the SEC.
Bitcoin (BTC) and the cryptocurrency market initially showed promise earlier this week, but the upward trend has now stalled, with BTC currently at a trading price of $68,600.
Meme coins, which contributed to the price increase, have also quieted down, although trading volumes on Solana and Base have reached record levels.
Despite the recent dip in prices, experts and prominent individuals remain optimistic about Bitcoin’s potential to surpass $100,000.
On the 24-hour chart of BTC from CoinMarketCap, the price correction is evident.
In other news:
– Solana’s Jupiter DEX has launched a native DAO and secured $137 million in initial funding
– A court has ruled in favor of Coinbase in its legal battle with the SEC
The price adjustment is believed to be a result of the court’s decision to dismiss the SEC’s claim that Coinbase Wallet operated as an unregistered broker. The U.S. District Court for the Southern District of New York also rejected the request to halt Coinbase’s staking program.
Judge Katherine Polk Failla concluded that Coinbase did not act as an unregistered broker and partially granted the company’s motion to dismiss the lawsuit. The court determined that Coinbase’s Wallet application did not violate securities laws as alleged by the SEC.
The SEC’s lawsuit, filed on June 6, 2023, accused Coinbase of unlawfully combining brokerage, exchange, and clearing services. It also targeted Coinbase Earn’s staking program for lacking customer protections due to non-registration.
For more information:
– Bitcoin’s rally to new heights has slowed down due to significant profit-taking; experts say this is a normal market behavior
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