The price of Bitcoin managed to recover some of the lost ground after the Wall Street opening on 6th June, despite new legal action from the regulators in the United States. According to data received from TradingView and Cointelegraph Markets Pro, there is an ongoing rebound going on for the exchange, which reached $26,250 on Bitstamp.
The pair has gone down to nearly three-month lows of $25,350 earlier amid news that the US Securities and Exchange Commission was suing Coinbase, the crypto exchange. An accompanying release from the press referred to acting as a broker that was unregistered, as engaging in an unregistered securities offering through the staking-as-a-service program.
Bitcoin Price Has Plunged Following Coinbase Debacle
The move follows the legal proceedings against the US arm of the largest crypto exchange, Binance. This ended up having a much more pronounced impact on crypto markets. Ki Young Ju, the CEO of CryptoQuant- an analytics platform- stated that despite the lawsuits of the SEC, the outflows for unregistered securities on the crypto exchange remain small, which they noted about the aftermath of Coinbase. Commenting on the latest price action of Bitcoin, some traders have started seeing cause for renewed optimism.
Michael van de Poppe, the CEO, and founder of trading firm Eight argued that the likelihood of the news actually turning out to be the correction love has increased pretty well. Maartunn, the contributing analyst of CryptoQuant, also announced a new Bitcoin buy-in under $26,000. He tweeted that there were quite a few potential risks before them, like the government in the country selling BTC or a potential recession. But he expected the bottom to be in, and the price shouldn’t further be trading lower than $20K.