Senior analyst Peter Brandt, known for his accurate Bitcoin predictions, shared an alarming outlook on Coinbase.
Bitcoin master identifies an alarming trend for Coinbase’s stock COIN
Famous trader Peter Brandt reported that Coinbase has created an important pattern on the chart of the stock COIN. The analyst says that this formation is dangerous. Brandt’s statements caused some concern and unease about Coinbase.
According to Brandt, this pattern indicates that the market is in a bearish trend and a significant corrective action is likely. The senior analyst also warns that there may be a big drop in the cryptocurrency market.
Peter Brandt, who has a large following in the cryptocurrency market, has made many correct predictions in the past. Therefore, their statements are taken seriously among market participants.
His analysis of COIN comes weeks after Coinbase, the exchange behind it, faced the SEC lawsuit on June 6. Brandt points to the head and shoulders pattern on the COIN chart. He notes that this technical pattern often results in a bearish.
Coinbase vehemently opposed the SEC in the latest filing
Last week, Coinbase criticized the SEC’s extremist actions that it started in June. Coinbase claims that the cryptocurrencies listed on its platform are outside the jurisdiction of the SEC. The exchange initiated this counter move with its response in the US District Court for the Southern District of New York on June 28. This step was Coinbase’s harshest response to the SEC lawsuit filed against it earlier this month.
The SEC had previously claimed that a dozen cryptocurrencies sold through Coinbase’s wallet or trading platforms are unregistered securities. The regulator made similar accusations when it sued Binance before Coinbase did.
Coinbase’s latest response reinforces their previous argument with additional details. Coinbase claims that cryptocurrencies on the exchange’s secondary market platform are not part of any arrangement in which a backer sells a contractual asset. Token issuers have no obligations to investors. In short, Coinbase criticized the SEC, citing the Supreme Court’s Howey case as an example to support its claims. cryptocoin.com We have included the details of Coinbase’s petition for the SEC lawsuit in this article.
Bittrex followed the path of Coinbase
Another exchange that faced harsh sanctions in the US took action to dismiss the lawsuit filed against it by the SEC in Bittrex. Bittrex lawyers point to the SEC’s inadequate rules. However, they claimed that the US regulator did not provide them with the necessary notices prior to the lawsuit.
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