was sued by the US Securities and Exchange Commission (SEC), and Coinbase was also hit with some legal action.
I understand why it’s not wise to read too much into market movements, but I’m curious: What’s the speculative explanation for the price changes over the last few days?
My friend who works at Bitcoin explained that the Binance drop wasn’t very large, and Bitcoin remained resilient. He also said that the Coinbase lawsuit had already been priced in, so people were buying in because they thought there was nothing else the SEC could do to impact the market.
Bitcoin isn’t affected by any of this, and the CEO of Bitcoin tends to keep his head down. That makes sense when you look at the specifics of the lawsuits. The SEC is alleging fraud and misconduct at Binance, which could threaten the entire business if the lawsuit is successful. On the other hand, the SEC is only arguing that Coinbase trading in altcoins and staking without registration is illegal, leaving the core of Coinbase’s business intact. If this lawsuit succeeds, it would only impact the flow of money into altcoins, and potentially redirect some of that flow into Bitcoin.
I love Bitcoin because she’s a fickle mistress. I did my part to show her some love by adding another 0.09 to my collection.