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Bitcoin’s price is down 10% — New bear market or correction?

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The latest episode of The Market Report with Cointelegraph is out! Tune in to watch Cointelegraph’s resident expert, Marcel Pechman, discuss what Bitcoin’s 10% price drop means for the crypto king.

) should react to the central bank’s decision and explains how interest rates affect families and businesses.

In Pechman’s opinion, the correlation between Bitcoin and the stock market should decline considering the U.S. is nearing its debt limit and the economy is displaying signs of weakness and recession. Pechman does not believe there’s a rationale for Bitcoin trading at $25,000, as some analysts have suggested.Coinbase’s court action against the Securities and Exchange Commission

. “Coinbase is looking to force the SEC to respond to its petition seeking rules for the crypto industry… asking the SEC to provide clarification about how it goes about classifying tokens as securities.” According to Pechman, it seems like the tables have turned, as the regulator has been postponing its ruling and harassing exchanges without ever giving some direction on what sets the bar for tokens to become securities. The conclusion? This case can have a bigger impact than previously imagined because judges will take note of the SEC’s arguments.

 

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