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Crypto Market Shrinks 5% As SEC Opens Second Front In Exchange Crackdown

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Coinbase Shares Slide 15% after agency names company in civil complaint, a day after similar action against Binance.

pummeled the digital-asset market on Tuesday morning, with the market declining 5% after the agency sued Coinbase for selling unregistered securities, less than 24 hours after taking similar action against Binance, the world’s biggest crypto exchange.

The market now stands at $1.13 trillion, according to CoinGecko, down 63% from a peak of $3.1 trillion in November. It tumbled tk% on Monday. “Encouragingly, the crypto market reaction to Coinbase so far has been minimal as investors seem to have already priced in a regulatory battle in the U.S.,” says Conor Ryder, research analyst at Kaiko. “The bigger price reaction to the Binance news yesterday is a reflection of the more global impact of Binance on markets,” he adds.

While digital-assets investors may have been braced for the latest SEC suit, that foresight did not extend to Coinbase’s stock, even though the company had been put on

 

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Bitcoin Rallies Above $27K as Crypto Market Shrugs Off SEC Lawsuits Against Binance, Coinbase$BTC rose over $27K as the wider crypto market rallied, despite SECgov lawsuits against binance and coinbase. $BTC may benefit from the crackdown, spurring investors to ditch altcoins, one observer noted. sndr_krisztian reports
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