The price of Bitcoin (BTC) fell to $21,000 today after it was revealed that the SEC had launched an investigation into the cryptocurrency exchange, Coinbase.
Reports emerged showing that Coinbase has faced legal issues over securities trading. BTC reacted to the news by falling to USD 21,000 from above USD 22,000. The US Securities and Exchange Commission (SEC) has launched an investigation into Coinbase into whether the exchange had allowed users to trade unregistered securities.
The SEC is now engaged in a wide-ranging battle against the US crypto industry Matthew Hyland had this to say about this.
“Ironically, the Bull Market’s euphoric peak events were Tesla buying #Bitcoin and Coinbase IPO’ing on the exchange. In the past week, Tesla has sold, and Coinbase is under investigation by the SEC.”
The crypto analyst Mark Cullen emphasized that Bitcoin must hold the USD 21,000 level. According to him, this level is crucial for the bulls to maintain control.
Crypto Tony, a trader, viewed a lower level as a local bottom but warned that a deeper drop was a likely outcome. According to Coinbase, the exchange has been anything but passive in the US regulatory debate. Last week, a blog post was released stating that the SEC should change course.