The cryptocurrency market has been rocked by lawsuits filed by the US Securities and Exchange Commission (SEC) against major exchanges Coinbase and Binance. Binance responded to the pressure by opting for a settlement. However, a new development has emerged for Coinbase, according to last-minute news.
Coinbase and SEC Lawsuit
While the court accepted the SEC’s claim that Coinbase’s staking program was an investment contract, it rejected the claim that Coinbase’s wallet services were unregistered brokerage. This decision has further intensified the legal battle between the SEC and exchanges.
Coinbase Stock Price Drop
Following the court decision, Coinbase Global Inc shares dropped by 4.63% to $253. The pressure from the SEC and legal battles are increasing uncertainty in the cryptocurrency market.
Bitcoin prices also dropped by 0.92% in the last 24 hours, falling to $69,147. The market capitalization of Bitcoin also dropped by nearly 2% to $1.36 trillion. Additionally, the 24-hour market volume decreased by over 16%, dropping to $36.8 billion
All these developments continue to affect cryptocurrency investors and market dynamics. It is expected that the legal processes between the SEC and exchanges will shape the future of the cryptocurrency sector.
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