Bitcoin hovers below $30,000 as Coinbase CEO recalls SEC's request before the lawsuit
|- The SEC asked US crypto exchange Coinbase to halt the trading of all cryptocurrencies except Bitcoin.
- Coinbase CEO mentioned that if they complied, it could mean the end of crypto in the US.
- Bitcoin price continues to hover below the $30,000 psychological level as volatility disappears.
A recent report from the Financial Times notes that the United States Securities and Exchange Commission (SEC) asked Coinbase to halt trading all cryptos except Bitcoin a month prior to serving legal notice.
SEC tries to assertwider regulatory authority over cryptos
Coinbase, the poster child for cryptocurrency exchanges in the US, is currently facing off against the SEC for allowing ‘securities’ to trade on their platform. In a recent report from Financial Times, the exchange CEO Brian Armstrong reveals that the regulatory body asked Coinbase to halt the trading of all cryptocurrencies except Bitcoin.
The CEO recalls that they did not have a choice at that point and that complying with the SEC would have “meant the end of the crypto industry in the US.”
Read more: Coinbase vs. SEC lawsuit: Regulatory body set to face exchange in court on August 4
Bitcoin price struggles to make a move
Bitcoin price has lost its volatility once again after the 3.02% move ended on July 24. Since then, BTC has been trying to get past the $29,500 hurdle. As seen in the chart, a sweep of last Monday’s low at $28,830 would allow sidelined buyers to trigger a quick run-up to $29,500, and even the $30,000 psychological level.
On the other hand, a failure to push higher could knock Bitcoin price to $28,138.
BTC/USDT 1-day chart
Read more:
PEPE market left unattended as Shibarium news drives meme coiners to Shiba Inu and BONE
Litecoin trading volume rises 50% to $5 million in the final countdown to LTC halving
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.