Bitcoin Wavers Amid Binance and Coinbase Lawsuits, but Cathie Wood Says the Crypto Could Hit $1 Million by 2030
The U.S. Securities and Exchange Commission (SEC) sued Binance on Monday, accusing the crypto exchange of violating several securities laws. Charges include running an illegal trading platform in the U.S. and misusing funds deposited by investors. The SEC has long maintained that many crypto assets are securities, and this lawsuit is another crack at proving that concept.
News of the litigation initially sent Bitcoin (CRYPTO:BTC) tumbling on Monday. Its price fell below $26,000 for the first time since March, but it rebounded on Tuesday as the SEC turned its attention to Coinbase Global. In its second lawsuit in as many days, the SEC accused Coinbase of operating as an unregistered exchange and broker, and it named 13 crypto assets on the platform that allegedly qualify as securities.
Readers wondering why Bitcoin rebounded on the news can refer to that list. It names popular cryptocurrencies like Solana, Cardano, and Polygon, but Bitcoin is absent. The rebound may also indicate that Bitcoin investors have assessed the charges against Binance and found little reason to be worried. Ultimately, neither lawsuit should have a lasting impact on Bitcoin.
Source Fool.com
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