Bitcoin’s Explosive Rebound After Coinbase Drama

Key Points:

• Bitcoin up 5% after SEC lawsuit against Coinbase.
• Market shift retraces value lost after Binance lawsuit.
• Major digital assets in green; Ether up 4.3%, DOGE up 6.8%.

Bitcoin has seen an increase of around 5% in its value in late-afternoon market trading.

This comes after the Securities and Exchange Commission (SEC) announced a lawsuit against Coinbase, a US-based cryptocurrency exchange platform. The sudden shift in the market is significant, as it mostly recovers the value lost when the SEC filed a lawsuit against Binance, another cryptocurrency exchange platform, and its American subsidiary, BinanceUS.

As of press time, Bitcoin is trading at approximately $27,015, according to TradingView data. Despite the recent market volatility, most major digital assets have managed to stay in the green over the last 24 hours. Ether, another popular cryptocurrency, has seen a 4.3% increase in its value, while DOGE and SOL have experienced gains of 6.8% and 2.2%, respectively.

Binance’s BNB, a native token of the Binance ecosystem, has had a tumultuous time in the market recently. It dropped sharply on the news of the SEC lawsuit against the company and the subsequent disclosure that the SEC considers it a security under US law. However, in the past 24 hours, BNB has managed to gain 2.5% in value, indicating a possible stabilization of the market.

Bitcoin has seen a notable increase in its value amidst the recent SEC lawsuit against Coinbase. Despite the market volatility, major cryptocurrencies have managed to stay in the green. Binance’s BNB, which experienced a sharp drop in value, has also seen a slight increase in its value over the past 24 hours.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

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