, senior analyst of crypto research firm K33 Research, deemed BTC’s initial steep decline following the Binance lawsuit an overreaction.
“Bitcoin is classified as a commodity,” Lunde wrote. “Americans can purchase BTC through a plethora of exchanges, exchange-traded funds, payment apps, and more. Liquidity could consolidate further towards Coinbase and Kraken, but the market should not crash 5% on these developments.”, senior market analyst Edward Moya at trading platform Oanda, wrote that the SEC crackdown on altcoins could even benefit bitcoin.
“Bitcoin is becoming an interesting trade here as many crypto investors might just decide to give up on most altcoins and stick with what has worked best since cryptos were created,” Moya wrote. “With the SEC naming Solana, Polygon, Cardano, and BNB as securities, some traders might decide to abandon those positions on any major exchange, switch the position to a cold wallet, or just close out their position and reopen a bitcoin one.
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