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Bitcoin‘s volatile price movements continue, with recent US data causing a brief spike to $59,600 before dropping again. During this period, numerous breaking news stories emerged, including a significant decision regarding the legal process between the SEC and PAXOS.
Decision on BUSD
The SEC, known for its regulatory pressure on cryptocurrencies, announced it has once again dropped an ongoing investigation. According to recent reports, the SEC has made a historic decision to end the PAXOS case.
More importantly, a significant decision was made regarding one of the well-known stablecoins in the market. The decision declared that BUSD is not a stablecoin. This has led to speculation that the SEC’s traditionally strict stance on stablecoins might be changing.
Current Bitcoin Price
Meanwhile, attention was also on Bitcoin. Since last March, Bitcoin has been in decline, dropping from $70,000 to $56,000. This decline was significantly influenced by uncertainties around interest rate cuts in the US and geopolitical events.
Additionally, the announced payments to MT. GOX creditors, and sales by the German government and US administration, were also considered major factors contributing to the decline.
Amid all these developments, BTC’s price rose by 0.19% in the last 24 hours, reaching $57,828. This price increase also boosted the market cap, which subsequently reached $1.140 trillion.
However, the 24-hour trading volume saw a slight decline. After a 5.5% drop, the volume stood at $26.846 billion.
