Fluctuations in Crypto Market? SEC Warned COIN & Formally Charged Justin Sun
Bitcoin has fallen 4%, hitting a low of $26,685 on Wednesday.
This comes after bitcoin rose nearly 50% in less than two weeks due to the collapse of three regional U.S. banks and the Federal Reserve's announcement of an emergency loan program to support these institutions and depositors across the banking system.
The SEC has ramped up its enforcement of the crypto
SEC charges crypto entrepreneur Justin Sun and his companies for fraud and other securities law violations.
Eight celebrities were also charged for illegal touting of Sun’s crypto asset securities, including Lindsay Lohan, Jake Paul, DeAndre Cortez Way (Soulja Boy), Austin Mahone, Michele Mason (Kendra Lust), Miles Parks McCollum (Lil Yachty), Shaffer Smith (Ne-Yo) and Aliaune Thiam (Akon).
Lindsay Lohan attends the Christian Siriano Fall/Winter 2023 fashion show. Charles Sykes/Charles Sykes/Invision/AP
The SEC issued crypto exchange Coinbase a Wells notice, warning the exchange that it identified potential violations of U.S. securities law.
Coinbase shares fell nearly 12% in extended trading after the news broke on Wednesday, adding to an 8.16% drop during regular traidng hours.
A Wells notice is typically one of the final steps before the SEC formally issues charges. It generally lays out the framework of the regulatory argument and offers the potentially accused an opportunity to rebut the SEC’s claims.
The company said that until the resolution of any legal processes, the exchange’s offerings would continue to operate as usual.
Grewal said Coinbase is looking for more regulatory clarity.
“Tell us the rules and we will follow them,” he said. “Give us an actual path to register, and we will register the parts of our business that need registering.”
Bitcoin Price Nears $30,000
The price of Bitcoin has been rising steadily over the past few days, causing the crypto asset to rise from $20,000 to its current level of $28,000. The world's largest cryptocurrency is approaching a key resistance level of $28,567, which if successfully turned into a support level, would take Bitcoin to $30,000.
However, according to the RSI, the bullishness noted over the past few days has pushed the asset into overbought territory. This suggests that the market may be about to enter a cooling off period.
"Generally speaking, the trend of Bitcoin and Coinbase is positively correlated. When the price of Bitcoin rises, the trading volume and revenue of Coinbase may also increase, and vice versa.
How do you view the future trend of Bitcoin?
If you were an investor, would you choose Bitcoin or Coinbase?"
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get bitcoin the OG, you can store it in a cold wallet, forget about it for 20 years, and boom see how much it's worth in the future.
that's an asset to hold for the long run.