Cryptocurrency Market Climbs Despite Lawsuit Filed Against Crypto Exchange Binance: Analyst Says Bitcoin Has ‘Plenty Of Room To Grow’


Despite the Commodity Futures Commission’s lawsuit against cryptocurrency exchange Binance, major cryptos traded in the green Wednesday.

Cryptocurrency Gains (+/-) Price (Recorded 9:30 p.m. EST)
Bitcoin BTC/USD +3.51% $28,330
Ethereum ETH/USD +0.66% $1,791
Dogecoin DOGE/USD +1.48%


What Happened: Bitcoin BTC/USD has added about 72% this year, making it one of the top-performing cryptos of the year with its highest quarterly gain in two years.

At the time of writing, the global crypto market capitalization stands at $1.18 trillion, an increase of 2.16% over the previous day.  

U.S. stocks markets continued to climb on Wednesday, with the S&P 500 and Nasdaq closing up 1.4% and 1.7%, respectively. 

See More: Best Crypto Day Trading Strategies

News Highlights: The Securities and Exchange Commission, or SEC, is the lead regulator for defining what a security is — not necessarily legislation — SEC Chair Gary Gensler said Wednesday during a House Appropriations Committee hearing. He stressed that existing securities laws cover most activity occurring in crypto markets and that he doesn’t believe Congress needs to pass additional laws that may create conflicts or inadvertently exclude certain activities. 

SEC also has brought charges against cryptocurrency platform Beaxy and its executives, alleging that they failed to register as an exchange, broker, or clearing agency. After which, the company said it officially closed its doors.

Analyst Notes: Crypto analyst Justin Bennett notes that on Wednesday, Ethereum ETH/USD reclaimed the $1,715 level as support. Any close below this level on a higher time frame would create a slight deviation for a return to $1,715. “I’m still cautiously bearish on crypto while Bitcoin is below the $29,000 macro resistance, but I’m also open to playing the range while it exists,” he said.

Pseudonymous analyst Kaleo believes that Bitcoin has a lot of space to increase, as it is still under $30K.

Despite the current celebration surrounding the impressive price of BTC, analyst Altcoin Sherpa cautions that we are still just at range highs. “Unless we see more continuation, this is probably a decent short area with clear invalidation. High time frame close above $29,000 and things probably rip past 30,000 quick[ly].”

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