Bitcoin slumps below $60000 as the SEC takes aim again

October 10, 2024 at 07:25PM
The SEC has the cryptocurrency market in its crosshairs once again.

Crypto.com received a Wells Notice from the US regulator then hit back with a lawsuit in order to defend itself. The SEC intends to sue the digital-asset exchange for allegedly operating as an unregistered broker-dealer and securities clearing agency.

“The SEC’s unauthorized overreach and unlawful rulemaking regarding
crypto must stop,” Crypto.com Chief Executive Officer Kris Marszalek
wrote on twitter.

The SEC also charged Cumberland DRW with acting as an unregistered dealer for more than $2 billion in crypto assets.

Bitcoin broke $60,000 today for the first time since September 18 when it rallied with other assets following the Fed’s 50 basis point rate cut. It was unable to press that rally though and slumped into month and before slumping further this week.

Zooming out to the monthly chart highlights how stable bitcoin has been. That relative calm won’t last and when the $50-72K range finally breaks, it will be a powerful move.

Another interesting development today is that Japanese courts have extended the deadline for repayment in Mt. Gox liquidation. While much of the money has already been paid out, “many rehabilitation creditors still have not received their Repayments
because they have not completed the necessary procedures for receiving Repayments,” the filing said.

The deadline has been extended to Oct 31, 2025.

This article was written by Adam Button at www.forexlive.com.