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Wednesday, October 4, 2023
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Bitcoin suffers a new hit and falls 3% this week after the lawsuit of the SEC

Date: October 4, 2023 Time: 20:17:48

The alarms turn on again in the ‘crypto’ sector. 3% after the two lawsuits filed by the US Securities and Exchange Commission (SEC) against Binance and Coinbase, but it still remains above the lows it set a year ago after the crisis of the virtual currencies Terra and Luna.

According to market data, after the close of European exchanges on Friday, the cryptocurrency traded at $26,490, down 0.5% from Thursday and 2.8% in the past week. In June 2022, the price of bitcoin fell by more than 55%, affected by the collapse of Terra and her sister Luna, as well as the tightening of monetary policies by central banks to control high inflation. On those dates, bitcoin fell below $18,000, far from the all-time highs it had reached just seven months earlier, when it touched $70,000.

Significant volatility of cryptocurrencies

In the last week, the price of the cryptocurrency has once again registered significant volatility after the SEC sued Binance, the world’s largest cryptocurrency platform, on Monday for violating a series of regulations in the country. The lawsuit, filed in federal court in Washington, accused the company of improperly managing funds from its users and lying to investors and regulators, among other things.

The SEC filed a total of 13 charges against Binance and its founder, Changpeng Zhao, accusing them of blatantly ignoring US stock market laws and earning billions of dollars in exchange for putting their assets at “significant risk”. clientele.

Also this week, the SEC sued the cryptocurrency platform Coinbase for operating as a stock exchange and stockbroker without being registered. Both demands had a significant impact on the price of cryptocurrencies and their capitalization, and bitcoin fell almost 6% on Tuesday, which closed at $25,641.

However, on Wednesday it recovered almost everything lost, and although it has registered volatility, it has closed the week consolidating the 26,500 dollars, a range in which it has moved in recent weeks. Since the beginning of May, bitcoin has lost more than 9% of its value.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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