Bitcoin and ethereum traded lower with cryptocurrency prices late Tuesday after teasing an early rally prior to the latest CPI report. Crypto prices were rattled last week after the Securities and Exchange Commission charged two of the top exchanges Binance and Coinbase (COIN).
SEC Chair Gary Gensler’s past ties to Binance may complicate the lawsuit against the cryptocurrency exchange after lawyers requested his recusal Wednesday. Bitcoin inched higher early Thursday as cryptocurrency prices were mixed.
Meanwhile, Cathie Wood bought the dip on COIN stock and grabbed $21 million worth of shares after the Securities and Exchange Commission charged Coinbase with operating as an unregistered exchange on Tuesday. The complaint came one day after SEC announced a lawsuit against Binance, the world’s largest cryptocurrency exchange, for rules violations. Despite the lawsuits, bitcoin rose Tuesday after pulling back sharply on Monday. Cryptocurrency prices followed bitcoin higher.
Elsewhere, a group of Dogecoin investors amended their $258 billion lawsuit against Elon Musk, accusing the Tesla (TSLA) CEO of market manipulation and insider trading.
Cryptocurrency Price Action
Bitcoin hovered around $25,900 late Tuesday after briefly reclaiming its $26,400 weekend level prior to the CPI report. BTC dove below $25,400 last Tuesday following the Coinbase and Binance lawsuit news but clawed back losses over the week. Bitcoin traded between $26,000 and $27,500 for the past several weeks as it slumped over the month from its April 14 peak of $31,019 – its highest level since last June. The world’s largest cryptocurrency bolted roughly 57% so far this year.
Ethereum slumped to $1,740 Tuesday afternoon from its intraday high of $1,764 and weekend price of $1,850. ETH fell to $1,796 last Monday after the SEC charges from its prior Sunday high of $1,912. Ethereum peaked at $2,139 on April 16 – its highest level since last May and shot above $2,000 for the first time in nearly a year on April 13 following its Shanghai upgrade to a proof-of-stake network. The No. 2 crypto soared 45.5% year-to-date.
