Bitcoin (BTC) and the broader cryptocurrency market experienced a stall in their recent surge earlier this week, with BTC now trading at $68,600 as of the latest update.
The enthusiasm that propelled meme coins, contributing to the market’s upward momentum, appears to have waned. However, trading activity on platforms like Solana and Base has surged to record levels despite this downturn.
Despite the current dip in prices, industry analysts and prominent figures maintain a bullish outlook, anticipating Bitcoin’s value to surpass $100,000.
In a significant legal development, Coinbase secures victory against SEC:
The recent price correction coincided with a court ruling favoring Coinbase in a legal battle against the U.S. Securities and Exchange Commission (SEC). The ruling, delivered by Judge Katherine Polk Failla of the U.S. District Court for the Southern District of New York, dismissed the SEC’s assertion that Coinbase Wallet operated as an unregistered broker and rejected the request to halt Coinbase’s staking program.
Judge Failla’s decision affirmed Coinbase’s activities as not constituting unregistered brokerage, contrary to the SEC’s claims. While partially granting Coinbase’s motion to dismiss the lawsuit, the court determined that Coinbase’s involvement in the sale of securities did not violate regulations.
The SEC’s lawsuit, initiated on June 6, 2023, alleged that Coinbase unlawfully combined brokerage, exchange, and clearing services, with specific scrutiny on Coinbase Earn’s staking initiative, citing concerns over customer safeguards in the absence of proper registration.
