News Formal

Bitcoin Rallies Above $27K as Crypto Market Shrugs Off SEC Lawsuits Against Binance, Coinbase

  • 📰 CoinDesk
  • ⏱ Reading Time:
  • 44 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 63%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

$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

, senior analyst of crypto research firm K33 Research, deemed BTC’s initial steep decline following the Binance lawsuit an overreaction.

“Bitcoin is classified as a commodity,” Lunde wrote. “Americans can purchase BTC through a plethora of exchanges, exchange-traded funds, payment apps, and more. Liquidity could consolidate further towards Coinbase and Kraken, but the market should not crash 5% on these developments.”, senior market analyst Edward Moya at trading platform Oanda, wrote that the SEC crackdown on altcoins could even benefit bitcoin.

“​​Bitcoin is becoming an interesting trade here as many crypto investors might just decide to give up on most altcoins and stick with what has worked best since cryptos were created,” Moya wrote. “With the SEC naming Solana, Polygon, Cardano, and BNB as securities, some traders might decide to abandon those positions on any major exchange, switch the position to a cold wallet, or just close out their position and reopen a bitcoin one.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 291. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin, Ethereum Technical Analysis: BTC Falls Below $26,000, as SEC Sues Binance – Market Updates Bitcoin NewsBitcoin plunged to its lowest point in over two months, as markets continue to react to the SEC versus Binance lawsuit.
Source: BTCTN - 🏆 531. / 51 Read more »

Bitcoin traders bet on $24K BTC price as market digests SEC vs. BinanceBitcoin reels from fresh Binance drama with BTC price now due even lower levels, traders say. Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it steadied after dropping to near three-month lows. The weakness came from a knee-jerk market reaction to the news that the SECGov was suing binance and its CEO, cz_binance.
Source: Cointelegraph - 🏆 562. / 51 Read more »

Bitcoin Price Tumbles Below $27K, The Sandbox (SAND) Soars 6% Daily (Market Watch)SAND is among the few exceptions in the green today.
Source: Crypto_Potato - 🏆 568. / 51 Read more »