As the SEC continues to increase its pressure on cryptocurrencies, it has filed back-to-back lawsuits against the world's two largest exchanges, Binance and Coinbase.
After the first lawsuit filed against Binance, Bitcoin experienced a sharp decline, but then recovered and rose above $ 27,000. However, the continued pressure from the SEC caused BTC to drop as low as $26,100.
Currently, BTC continues to trade at $ 26,400, while some experts evaluated Bitcoin's movements.
According to the report of Coindesk, experts said that the pressures of the SEC did not cause any signs of unrest among seasoned Bitcoin traders.
It was stated that this is a sign that this situation is expected by investors and is priced in advance.
Speaking to Coindesk, cryptocurrency trader Christopher NewHouse said:
“I don't think traders will care about these pressures from the SEC.
Regulatory concerns have been widely discussed since the beginning of 2023, and the market expected and priced in these actions of the SEC.
In this context, my conclusion from Bitcoin's price movements after the SEC's lawsuits is that BTC is looking for a catalyst for a long-term rise."
Griffin Ardern, a trader at crypto management firm Blofin, said in his assessment that the SEC's actions are further damaging alternative cryptocurrencies, namely coins other than Bitcoin.
“I think the possible reason for this is that BTC and Ethereum have already been approved by the CFTC and their derivatives have been traded on exchanges like CME for several years.
In addition, the lawsuits filed by the SEC mainly target altcoins.
For these reasons, the impact of the SEC's lawsuits on BTC and ETH has been relatively limited."
The SEC sued Coinbase from Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Sandbox (SAND), Axie Infinity (AXS), Chiliz (CHZ), Internet Computer (ICP). talked about. ), Voyager Token (VGX), NEAR protocol (NEAR), NEXO, FLOW and DASH are securities.
In its lawsuit against Binance, the SEC claimed that BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS and COTI are securities.
*Not investment advice.