Cryptocurrencies Price Prediction: Bitcoin, SEC & Crypto – European Wrap 28 August
Bitcoin price dips below $59,000, wiping out more than $318 million from markets
Bitcoin (BTC) edges up slightly on Wednesday after dropping by 7.5% at the start of the week following the markets’ broad risk-off tone. Nasdaq has filed with the U.S. Securities and Exchange Commission (SEC) to list and trade Nasdaq Bitcoin Index Options (XBTX), a positive development for BTC, but on-chain metrics project a negative outlook as evidenced by a higher percentage of shorts, while US spot Bitcoin ETFs posted outflows on Tuesday.
SEC settles charges with Abra for sale of nearly $500 million in unregistered securities after Ripple lawsuit
The US Securities & Exchange Commission (SEC) settled charges against Abra, a crypto lending platform, for allegedly having violated securities law after selling around $500 million via its Abra Earn product. This settlement marks an important development in the crypto regulatory landscape since Abra did not admit or deny the regulator’s allegations but agreed to pay civil penalties to be determined by the court.
Faster crypto market decline
The cryptocurrency market has plunged 6% to a capitalisation of $2.08 trillion, its lowest level in nine days. Bitcoin is falling in line with the broader trend, while Ethereum and Solana are down 8.4% and 7.3%, respectively. Gold has also experienced an almost synchronised sell-off, losing around 1%, but equity markets remain generally positive and hopeful.
Author
FXStreet Team
FXStreet
