Bitcoin has dropped below $60,000, reflecting the increasing pressure from the SEC on the cryptocurrency market. The SEC issued a Wells Notice to Crypto.com, prompting the exchange to file a lawsuit to defend its operations. According to Crypto.com Chief Executive Officer Kris Marszalek, the SEC’s actions are an unauthorized overreach that must be stopped.
The SEC has also charged Cumberland DRW for operating as an unregistered dealer involved with over $2 billion in crypto assets. This scrutiny coincides with Bitcoin's fluctuation, which saw it surpass $60,000 today for the first time since September 18, following a Fed rate cut. Unfortunately, the rally could not be sustained, leading to a slump.
Looking at the monthly chart, Bitcoin has demonstrated relative stability, though analysts predict that this calm will not last. A significant movement is expected once the $50,000-$72,000 range is breached.
In other news, Japanese courts have extended the repayment deadline in the Mt. Gox liquidation case to October 31, 2025, as many rehabilitation creditors are still awaiting their repayments due to incomplete procedures.
