Bitcoin (BTC) has skyrocketed amid lawsuits by the US Securities and Exchange Commission (SEC) against Binance and Coinbase.
Bitcoin in the last 24-hour period amid the bad news from the USA 4.2% rise attracted attention with his performance. Compensating for the fall it experienced after the SEC’s lawsuit against Binance, Bitcoin almost never left the Coinbase lawsuit. not affected And increaselived.
Around the same time that the SEC announced yesterday that it is suing Coinbase. 25,700 Bitcoin, which is at dollar levels, after a short-term decline close to 8% experiencing an increase 27,360 reached dollars. Following this performance, the SEC’s US subsidiary of Binance Binance.US their assets stop request amount cause a decline it happened. Although this decline may seem like a correction, Bitcoin’s hard rise stopped.
What triggered the rise?
A large investor base of Bitcoin currently below fair value arguing that even such a big event can cause a decline stated. On the other hand, the SEC’s Binance and Coinbase lawsuits 20 cryptocurrencies accepted as securities It is also claimed that people who invested in these altcoins did not leave the market and switched to Bitcoin.
Finally, it is thought that investors who took a “short” position with Binance news two days ago may have been exposed to an operation by market makers. In this direction, the liquidation with the first upward move your short positions above directional one for positions provided liquidity seems likely.
As a result of the data received from Coinglass, the final 24 hour in the period 70 The liquidation of more than a million dollars of short positions supports this situation.
in the Binance case, BNB (BNB), Cardano (ADA), Solana (SOL), Polygon (MATIC), TRON (TRX), Binance USD (BUSD), Cosmos (ATOM), Filecoin (FIL) and Algorand (ALGO) qualify as securities. In the Coinbase case Unlike Binance The Sandbox (SAND), Axie Infinity (AXS), Coti (COTI), Dash (DASH), Flow, (FLOW), Internet Computer (ICP), Near Protocol (NEAR), Voyager (VGX), and Nexo (NEXO) took place.
It was noteworthy that in the lawsuits filed against Binance and Coinbase, cryptocurrencies working with the proof-of-work (PoW) mechanism were not mentioned.
Bitcoin, at the time of writing, according to CoinGecko data 26,813 from dollars is being traded.