To The Moon

The cryptocurrency market has been experiencing a lot of activity recently.

1. Ongoing lawsuits against crypto giants - Coinbase, Binance, and Tron

A. First crypto bomb - SEC formally charged Coinbase and Justin Sun

$Coinbase Global, Inc.(COIN)$ has received a notice from SEC stating its intention to take enforcement action against the cryptocurrency exchange. This caused the stock price of Coinbase to fall as much as 15% trading following the announcement.

Justin Sun, founder of Tron and member of Huobi's Global Advisory Board, was sued for illegal sales of securities, fraud and market manipulation, as well as separate violations against his celebrity backers of crypto assets.

SEC Chair Gary Gensler has repeatedly warned that many of the tokens and products offered by crypto companies are securities and trading platforms need to register with the agency.

B. Another hit on crypto - CFTC filed a lawsuit against Binance and its founder

Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and its founder Changpeng Zhao for allegedly offering unregistered cryptocurrency derivatives products to U.S. clients in violation of federal law.

Cryptocurrencies accelerated their decline across the board after the news was released. Bitcoin fell below $26,700 in U.S. stocks, hitting a new intraday low since March 18.

2. What are the effects of the lawsuits?

CFTC proclaimed that several cryptocurrencies — including Bitcoin, Ethereum, Litecoin, Tether and Binance USD — are commodities. This news came as a surprise to traders who had presumed these cryptos were securities.

As Binance's share of the cryptocurrency market surpassed 60%, CFTC’s prosecution of Binance may have an impact on Binance’s operations in the United States and may temporarily affect US cryptocurrency liquidity.

3. Bitcoin ranked 11th most valuable assets, surpassing $Meta Platforms, Inc.(META)$ 

Despite these legal actions, Bitcoin’s value has gone up by over 13.7% in the last 30 days and 25% in the last 14 after the collapse of 3 high-profile banks.

Analysts predict that Bitcoin will continue to rise in the coming weeks as investors anticipate a slowdown in interest rate hikes by the US Federal Reserve.

As we approach Bitcoin halving, which is due in May 2024, Bitcoin could touch $30,000 as a short-term price target.

Pseudonymous crypto analyst Rekt Capital said

BTC is about to form its first “Bullish Engulfing Quarterly Candle” since Spring/Summer 2020. This could be an exceptionally special market event, as a Bullish Engulfing Candle signifies the potential start of a long-term uptrend.

Conclusion

Overall, it seems like there are a lot of opinions and predictions about the future of Bitcoin and the cryptocurrency market. While legal actions against cryptocurrency exchanges may have an impact on their operations and liquidity, analysts predict that Bitcoin will continue to rise in value.

Are you bullish on BTC movement?

Have you bought crypto after bank run?

What's your view towards the contradiction between Bitcoin's movement and SEC lawsuits?