Bitcoin

Grayscale Bitcoin Trust

The crypto market turned red on Monday as <a href="https://news.todayq.com/this-bitcoin-rally-could-have-saved-ftx-celsius-and-more/" target="_blank" rel="noreferrer noopener">Bitcoin (BTC)</a> lost the crucial $41k price level. The fresh downturn comes in the wake of the U.S. Securities and Exchange Commission’s (SEC) decision to reject Coinbase Global’s petition for new rules. As a result, major crypto-related stocks also witnessed premarket declines. Crypto shares drop with Coinbase 
The <a href="https://news.todayq.com/crypto-market-braces-itself-ahead-of-these-key-events/" target="_blank" rel="noreferrer noopener">global crypto market</a> cap decreased by 3.18% over the last day. It now stands at $1.54 trillion. However, the total crypto market volume saw a surge of 26.95% reaching $59.71 billion in the last 24 hours. 
Coinbase Global Inc (NASDAQ: COIN) has been enjoying an upward rally over the past month as COIN price jumped by 39.40%. It is trading at $147.90, down by 3.73%. However, it’s a pre-market price of $143.97 (-2.66%). The decline follows the SEC’s denial of Coinbase’s petition for new crypto rules. 
Riot Blockchain Inc (RIOT) is trading at $15.63 with a pre-market price of $14.96, down 4.29% (-0.67) ahead of regular market hours. 
Marathon Digital Holdings Inc (MARA) is priced at $18.29, reflected in a pre-market trading price of $17.54, indicating a 4.10% decrease. 
Bit Digital Inc (BTBT) is priced at $3.20 and showed a pre-market trading price of $3.03. This has been a 5.31% decrease before regular market hours. SEC on the move 
It should be noted that Cathie Wood led Ark Invest made it to the headlines for capitalizing on the current bullish sentiment in the crypto market. The firm continued its sell-off of Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC) shares. This move is aligned with profit booking amid the optimistic market conditions. 
Coinbase’s attempt to gain clear new rules for the crypto industry from the SEC faced a setback. The regulatory agency denied the petition in a 3-2 vote. The SEC disagreed with Coinbase’s claims that current regulations are “unworkable” for the crypto sector. However, Coinbase responded by filing a petition for review of the SEC’s decision in court. 
This decision marks the latest development in the ongoing regulatory challenges for the crypto industry. The commission has consistently maintained that most crypto tokens are securities. It has suggested that these tokens fall under its jurisdiction, leading to legal actions against various crypto companies. 
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Bitcoin falls, Crypto shares tumble after SEC’s ruling on Coinbase petition

Todayq News

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