Bitcoin’s momentum has slowed down, with trades dropping below $70,000, possibly due to the ongoing Coinbase and SEC legal battles.

Bitcoin (BTC) and the cryptocurrency market experienced a surge earlier this week, but the upward trend has now come to a halt. Currently, BTC is trading at $68,600.

Meme coins, which played a role in the recent price increase, have also quieted down, although trading volume on Solana and Base has been reaching record highs.

Despite the price dip, analysts and industry experts remain optimistic about Bitcoin’s potential to surpass $100,000.

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Court rules in favor of Coinbase over SEC

The price correction likely occurred after the court’s decision to reject the SEC’s claim that Coinbase Wallet was operating as an unregistered broker. The U.S. District Court for the Southern District of New York also dismissed the request to halt Coinbase’s staking program.

Judge Katherine Polk Failla ruled that Coinbase did engage in the sale of securities, contrary to the SEC’s accusations. The court partially granted Coinbase’s motion to dismiss the lawsuit, confirming that its Wallet application does not classify as an unregistered broker.

The SEC’s lawsuit, filed on June 6, 2023, alleged that Coinbase was illegally combining brokerage, exchange, and clearing functions. It also targeted Coinbase Earn’s staking program, citing a lack of customer protections due to unregistered status.

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Bitcoin’s movement towards new highs paused due to intense profit-taking; expert says it’s ‘perfectly normal’

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