Coinbase, SEC court ruling leads to Bitcoin’s dip below $70k
Bitcoin’s momentum has come to a halt, with trades falling below $70,000, possibly due to the ongoing trials involving Coinbase and the SEC.
Bitcoin (BTC) and the cryptocurrency market were filled with optimism earlier this week, but the upward trend has now reversed. As of now, BTC is being traded at $68,600.
Even meme coins, which contributed to the price surge, have seen a decline, although Solana and Base continue to experience record-breaking trading volumes.
Despite the decrease in price, analysts and prominent figures still maintain high hopes and remain optimistic about Bitcoin’s potential to surpass $100,000.
The price correction likely occurred after the court announced its rejection of the SEC’s claim that Coinbase Wallet was an unregistered broker. The U.S. District Court for the Southern District of New York also denied the request to shut down Coinbase’s staking program.
Judge Katherine Polk Failla ruled that Coinbase did engage in the sale of securities, countering the SEC’s allegations. The court partially granted Coinbase’s motion to dismiss the lawsuit, confirming that it does not act as an unregistered broker through its Wallet application.
The SEC’s lawsuit, filed on June 6, 2023, accused Coinbase of illegally combining brokerage, exchange, and clearing functions. It also targeted Coinbase Earn’s staking program, claiming a lack of customer protections due to the absence of registration.
For more information, read: Bitcoin’s surge to new highs pauses as profit-taking intensifies; expert deems it “perfectly normal.”
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