Bitcoin (BTC) Price Shows Resilience Amid SEC Lawsuits Against Binance and Coinbase

Bitcoin (BTC) quickly rebounded from falling to a three-month low of less than $25,500 on Tuesday following news that Coinbase (COIN) had been for follow-up by the United States Securities and Commission Exchange (SEC) on alleged violations of federal securities law. This followed a similar lawsuit against Binance on Monday. Already on his heels after the Binance Suit, bitcoin sank further on Coinbase stock before rallying throughout the day to rise above $27,000 again. It pulled back a little overnight Wednesday to the current $26,800, still up 4% in the past 24 hours. “The price action is certainly encouraging and shows that the market remains confident about the outlook for space despite attempts to slow it down through a path to regulation that has not been clear,” said LMAX Digital in a morning note. The Coinbase lawsuit too listed 13 tokens which could be considered stocks, including Cardano’s ADA and Polygon’s MATIC, both of which are down 5% in the last 24 hours.