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Bitcoin prices fell below $ 21,000 on Tuesday as market sentiment deteriorated with reports that the US Securities and Exchange Commission (SEC) was investigating the US-based cryptocurrency exchange Coinbase.
BTC is hitting a low of $ 20,915 and potential downsides could push it to a major support line of around $ 20K. Fresh sales can include pain that exceeds the psychological level.
Coinbase was already opposed to the proposal to list crypto token securities on the platform when it first appeared after being billed for SEC insider trading by the former product manager of the crypto platform.
But on Tuesday, it was revealed that the SEC was actually investigating whether Coinbase was offering security tokens to US investors. At least 7 of the 9 security tokens are listed in Coinbase.
According to Bloomberg reportThe SEC’s investigation began long before the insider trading case. However, the investor community seems weird about the potential impact of the SEC v. Coinbase proceedings, as the regulations on the crypto sector have been scrutinized following recent events.
The downside of the BTC market is also reflected throughout the altcoin market, with top altcoin Ethereum (ETH) down more than 8% to below $ 1,400.
Selling pressure across the stock market as the US index fell amid investor anxiety over the recession prior to the Federal Open Market Committee (FOMC) meeting.
The S & P 500 fell by almost 1% and the Nasdaq fell by more than 1.3%, but the market capitalization of cryptocurrencies fell below $ 1 trillion.
