- Almost all of the top altcoins are also up
- We offer an overview of the situation
Wednesday morning Bitcoin and company began with a recovery. The market has “digested” the panic surrounding U.S. regulators launching a series of lawsuits against Binance and Coinbase.
So Bitcoin has gained more than 4% and is trading at $26,800. It’s back to the same price range it was before the news of the SEC lawsuits. Ether is up 3.51% at $1,876.33.
Coinbase shares were down 12.09% at the close yesterday, but were up 2.48% at the premarket.
So the negative market sentiment did not last long. This was influenced by several important facts.
- This is not the SEC’s first lawsuit against the exchanges. Previously, Bittrex and Kraken received similar cases.
- The same applies to the prosecution of Coinbase. Rumors of possible lawsuits surfaced many months ago.
- The problems of the U.S. BinanceUS have little impact on the international platform. And the majority of clients use it.
All these points traders have already taken into account, laying down the possible risks. So the “bloodbath” lasted less than a day.
It is important that many experts are optimistic about the future prospects of the court case. They believe the result will be on the side of the crypto exchanges if the Justice is guided by real laws and does not go along with the SEC.
“True consumer protection requires a strong legal framework, not shading the industry,” Senator Cynthia Loomis wrote on her Twitter.