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

Bitcoin (BTC) quickly bounced back after tumbling to a three-month low of less than $25,500 on Tuesday following news that Coinbase (COIN), had been sued by the U.S. Securities and Commission Exchange (SEC) on allegations of violating federal securities law. This followed a similar suit against Binance on Monday. Already on its heels following the Binance suit, bitcoin sank further on the Coinbase action before recovering throughout the day to again top $27,000. It’s retreated a bit overnight Wednesday to the current $26,800, still up 4% over the last 24 hours. “The price action is certainly encouraging and shows the market remains confident on the outlook for the space despite attempts to slow it down by way of a path to regulation that has been less than clear,” said LMAX Digital in a morning note. The Coinbase lawsuit also listed 13 tokens which could be deemed as securities, including Cardano’s ADA, and Polygon’s MATIC, both of which are down 5% over the past 24-hours.