Bitcoin momentum has slowed and transactions are back below $70,000, likely due to Coinbase and SEC testing.
Bitcoin (BTC) and the crypto market had high hopes earlier this week, but the uptrend has now stalled and faded. At the time of writing, BTC is currently trading at $68,600.
Meme coins, which somewhat fueled this price rise, also appear to have weakened, although trading volumes on Solana and Base have reached all-time highs.
Despite the price drop, analysts and notable personalities still have high hopes and are very optimistic that Bitcoin price will reach the $100,000 mark.
24-hour chart of BTC from CoinMarketCap
Court rules in favor of Coinbase against SEC
The price correction likely came after the court announced that it had rejected the SEC's claim that Coinbase Wallet was an unregistered broker. The US District Court for the Southern District of New York also rejected the request to shut down Coinbase's staking program.
Judge Katherine Polk Failla ruled that Coinbase sold securities contrary to the SEC's claims. The court partially granted Coinbase's motion to dismiss the lawsuit and confirmed that the company was not acting like an unregistered broker by offering its wallet application.
The SEC lawsuit, filed on June 6, 2023, accused Coinbase of illegally combining brokerage, exchange, and clearing functions. It also targeted Coinbase Earn's betting program, claiming it lacked customer protection due to the opt-out.
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