First Mover Americas: Bitcoin Shows Resilience Amid SEC Lawsuits Against Binance, Coinbase

Bitcoin quickly bounced back after tumbling to a three-month low of less than $25,500 on Tuesday following news that Coinbase , had beenon allegations of violating federal securities law. This followed a similar suit against Binance on Monday. Already on its heels following thebitcoin sank further on the Coinbase action before recovering throughout the day to again top $27,000. It’s retreated a bit overnight Wednesday to the current $26,800, still up 4% over the last 24 hours.

Cathie Wood’s Ark Investment Management, the second-largest holder of Coinbase Global stock, added to its investment in the crypto exchangeTuesday sent the share price tumbling. ARK bought 419,324 shares of Coinbase, which would be worth around $21.6 million based on Tuesday's closing price of $51.61 . The purchase, the first since May 3, took Ark’s total Coinbase holdings to 11.44 million shares, valuing the position at around $590 million.

In a different case involving the SEC and Coinbase, the U.S. Court of Appeals for the Third Circuit has ordered the agency to clarify its position on a rulemaking petition from the exchange., asking the court to force the SEC's hand and get the regulator to respond to its 2022 petition for formal rule making in the digital assets sector.

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