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When the word SEC appears in a news, then you should know that a particular exchange firm is in trouble. SEC never fails as they've appeared in the news again, but this time, Binance seems to be in trouble. As at yesterday, a lawsuit was filled by the Security and Exchange Commission against Binance for "alleged violation of federal securities". It was noted that few hours after this lawsuit was filled, Bitcoin price declined by 5%. The reason why Bitcoin is affected by Binance trouble is due to the fact that Bitcoin is mostly traded on Binance exchange.
With the current Bear market scale, Bitcoin and Altcoins has not being doing really well. Bitcoin has even struggle to maintain a rate of $27K. Suddenly, SEC just showed up from nowhere with this lawsuit. Though, the lawsuit might be right, i don't have any objections to that.
But, lets not forget that Coinbase and Coinme are also victims of this US agency, with most of their case still in court.
I made a screenshot of the latest Bitcoin price while writing this content. You could see that bitcoin is now battling the price of $25K. What if the price drops lower than $25K this week. Well, most investors would see it as a big opportunity to gather more stock ahead of the Bull season.
Do you think, further damage can be caused to the price of Bitcoin ?
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