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Bitcoin is holding strong despite the crackdown that the US Securities and Exchange Commission (SEC) has launched against the cryptocurrency industry.
The price of BTC has gained slightly by around 0.6% in the last 24 hours, and it was trading at around $26,496 at the time of writing.
BTC is down by around 2.5% over the past week.
Bitcoin price analysis
Bitcoin’s volatility has remained significantly low despite the SEC cracking down on different players across the crypto space.
In the last 24 hours, BTC has traded in the range of between $26,344 and $26,753. The coin has reported trading volumes of over $11 billion during this time.
As seen in the chart above, Bitcoin is advancing within the wedge pattern, with the price currently being above the major trendline.
Traders should anticipate a potential bullish if Bitcoin’s price can sustain levels above the trendline and break out from the wedge to move higher.
However, Bitcoin is also sitting at a critical level because if it loses the support of the trendline, a decline is imminent, after which a drop below $22K might be seen.
As aforementioned, volatility remains low at the moment, but this might change next week as the markets start to price in expectations from the US CPI data and the Federal Open Market Committee (FOMC) meeting.
Will SEC FUD plunge BTC prices?
The commission filed a lawsuit against the Binance exchange accusing the platform of commingling customer funds.
The customer has filed 13 civil charges against Binance. The regulator has also asked the court to freeze Binance US assets.
Binance US has now responded to these charges, and it has accused the SEC of engaging in aggressive and intimidating tactics to campaign against the digital asset industry in the US.
The exchange has now halted all deposits to Binance US.
The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. https://t.co/AZwoBOgsqS and our business partners have not been spared in the use of these tactics, which has created… pic.twitter.com/rlIe6swIoY
— Binance.US 🇺🇸 (@BinanceUS) June 9, 2023
Coinbase is also on the SEC’s regulatory radar. The SEC sued Coinbase on Tuesday, saying that the exchange operated as an unregistered exchange and broker.
The commission also said that at least 13 crypto assets listed on Coinbase qualified to be classified as securities.
The SEC Chair, Gary Gensler, has also continued to show his disdain for the crypto industry.
While speaking at the Piper Sandler Global Exchange and Fintech Conference in New York, Gensler noted that most crypto tokens were securities that should be regulated by the SEC.
The SEC chair further said that the crypto industry is made up of,
Hucksters, Fraudsters, Scam artists. Ponzi schemes. The public left in line at the bankruptcy court.
Time to invest in this presale?
With crypto markets awaiting to see more events unfolding because of the actions taken by the SEC, investors are looking for the next coins to buy to expand their portfolio.
One of the best crypto presales happening currently is Wall Street Memes.
The Wall Street Memes presale started on May 26 and has already raised over $5.4 million in less than two weeks.
The presale started on a high note after raising $100,000 in just a few minutes, and the momentum has continued to build.
Wall Street Memes is a project representing the victory made by the internet in championing capitalism.
The project is inspired by the Wall Street Bets movement that fought Wall Street giants during the 2021 GameStop stock rally.
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