• The U.S. Securities and Exchange Commission (SEC) has filed lawsuits against two of the largest global crypto exchanges, Binance and Coinbase.
• Despite the SEC’s legal action, Bitcoin managed to recover above $27,000 on Tuesday.
• SEC chair Gary Gensler expressed his deep appreciation for the industry’s significance in a live interview with CNBC on Tuesday morning.
SEC Files Lawsuits Against Binance and Coinbase
The U.S. Securities and Exchange Commission (SEC) has initiated legal action against two of the largest global crypto exchanges, Binance and Coinbase, by filing separate lawsuits against them. This move is intended to bring investors and issuers in the crypto space into compliance with existing regulations.
Bitcoin Price Resilient Despite SEC Action
Despite the U.S. Securities and Exchange Commission (SEC) filing a lawsuit against Binance, trading at $27,200, Bitcoin witnessed a 4.3% increase over the last 24 hours as it returned to this price level for the first time since the weekend indicating a recovery in its value.
Gary Gensler’s Live Interview on CNBC
During a live interview on Tuesday morning with CNBC, SEC chair Gary Gensler stated that they had taken several initiatives to initiate legal actions and maintain their readiness for further collaboration with the industry while trying to explain questions surrounding why certain crypto assets are categorized as securities while others are not, as well as the potential impact of their actions on domestic and global fintech innovation. He openly expressed his deep appreciation for the industry’s significance during this interview which left no room for doubt about his sentiments regarding cryptocurrencies like Bitcoin.
BTC Price Prediction Next Weekend
Despite these few hiccups experienced in cryptocurrency industry in past few days, many analysts predict that BTC price will reach $30k by next weekend due to its resilience during this period of turbulence caused by regulatory actions taken by SEC which have not been able to dent its rising popularity or weaken investor confidence in it so far .
Conclusion
In conclusion , although there have been some bumps along way , Bitcoin remains resilient despite SEC’s Enforcement Week . It is expected that BTC prices will rise even further next weekend .