Perhaps as a result of the Coinbase vs. SEC lawsuit, Bitcoin's momentum has waned and transaction values have returned to below $70,000.
Bitcoin (BTC) and the crypto market had high hopes earlier this week, but their upward trajectory has now stopped and they are in retreat. As of this writing, BTC is currently trading at $68,600.
Although Solana and Base trading volumes are at an all-time high, the meme coins that fueled some of this price rally appear to have waned.
Despite the price drop, analysts and celebrities still have high expectations and are very optimistic that Bitcoin price will cross $100,000.
Court rules in favor of Coinbase over SEC
The price adjustment likely came after the court announced that it had rejected the SEC's claim that Coinbase Wallet was an unregistered broker. The United States District Court for the Southern District of New York also denied Coinbase's request to shut down its staking program.
Judge Katherine Polk Feira ruled that Coinbase engaged in the sale of securities, contrary to the SEC's claims. The court partially granted Coinbase's motion to dismiss the case, finding that the company is not acting as an unregistered broker by offering its Wallet application.
The SEC lawsuit, filed on June 6, 2023, accuses Coinbase of illegally combining brokerage, exchange, and clearing functions. It also targeted the Coinbase Earn staking program, alleging a lack of customer protection due to non-registration.
