Why Did Bitcoin and Altcoins Rise Despite the SEC?

As the SEC continues to increase the pressure on the crypto industry, it has sued the world's two largest crypto exchanges, Binance and Coinbase.

Bitcoin and altcoins fell after the news of successive lawsuits from the SEC.

BTC and altcoins, which fell sharply after the Binance case, were not so affected by the Coinbase case.

Although BTC and altcoins fell after the news of the Coinbase lawsuit, they quickly recovered. While Bitcoin rose above $27,000, Ethereum reached the $1,900 limit.

Crypto company Greeks, which is evaluating the movements of Bitcoin and altcoins. Live said in its latest report that investors seem to have chosen to look beyond regulatory developments for now.

The report also noted that despite the negative news from the SEC, BTC and ETH recorded a V-shaped recovery.

However, he claimed that the V-shaped recovery did not change the fact that the bearish trend was overwhelming and that according to the current market assessment, it will be difficult for Ethereum to break above $2,000.

Apart from this, the popular crypto platform Santiment also evaluated the declines.

Stating that some traders opened short positions in the face of the decreases experienced for the first time, Santiment said that short positions were liquidated in the middle of the strong recovery in the market.

“Traders have opened a lot of short positions after showing a little too much willingness to bet against the market drop.

However, after the strong recovery in the market, many short positions were liquidated.

The largest shorts in the last 3 months were liquidated along with the recovery, acting as rocket fuel for BTC to rise above $27,000.

We saw a similar price increase when traders sold on March 10."

In another post, Santiment also stated that with the crypto currency prices falling after the SEC's Binance lawsuit, the bottom buying sentiment in the market has increased.

According to experts, although the SEC's lawsuit against Binance and Coinbase may cause unease among market players in the short term, investors may think that the worst is behind due to factors such as the lengthy litigation processes and the fact that such lawsuits can result in settlements.

Bitcoin continues to trade at $26,822 at the time of writing, and Ethereum at $1876.

*Not investment advice

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