• The U.S. Securities and Exchange Commission (SEC) has initiated legal action against two of the largest global crypto exchanges, Binance and Coinbase.

• Trading at $27,200, Bitcoin witnessed a 4.3% increase over the last 24 hours.

It has been a tumultuous week in the cryptocurrency industry. The U.S. Securities and Exchange Commission (SEC) has initiated legal action against two of the largest global crypto exchanges, Binance and Coinbase, by filing separate lawsuits against them.

During a live interview on Tuesday morning with CNBC, SEC chair Gary Gensler stated, “This is about both investors and issuers in the crypto space, to bring them into compliance.” In the interview, he added that they had taken the initiative to initiate several legal actions and maintain their readiness for further collaboration with the industry.

In the Tuesday interview, Gensler tried to explain the questions surrounding why certain crypto assets are categorized as securities while others are not, as well as the potential impact of the SEC’s actions on domestic and global fintech innovation.

Gensler openly expressed his deep appreciation for the industry’s significance, leaving no room for doubt about his sentiments. We don’t need more digital currency. We already have digital currency. It’s called the U.S. dollar, It’s called the euro, and It’s called the yen. They’re all digital right now […], so what’s the real underlying value of these tokens?”

BTC Price of $30,000 by Weekend Is Next

Despite the U.S. Securities and Exchange Commission (SEC) filing a lawsuit against Binance, accusing the exchange giant of violating securities laws, the cryptocurrency markets experienced a downtrend on Tuesday, with prices trading in the red. 

However, with the few hiccups experienced in the crypto industry in the past few days, Bitcoin managed to overcome the impact of the Securities and Exchange (SEC) Enforcement Week, resurfacing above $27,000 on Tuesday. This marked its return to this price level for the first time since the weekend, indicating a recovery in its value.

Trading at $27,200, the leading cryptocurrency by market capitalization, witnessed a 4.3% increase over the last 24 hours. However, BTC experienced a dip to around $25,400 on Monday following the announcement of the SEC’s lawsuit against Binance. However, bitcoin began its ascent towards the end of the day and maintained its upward trajectory despite the SEC’s announcement of a second lawsuit against Coinbase, a rival of Binance.

BTC’s trading volume reached around $20.32 billion, marking a 76% increase within the past 24 hours. Ether, too, witnessed a significant upward movement throughout Tuesday, hovering close to $1,900, reflecting a 4% increase compared to the same time on Monday.

Several other prominent cryptocurrency tokens experienced a decline in their trading value. BNB and Solana saw a drop of more than 7% in their prices. Similarly, Dogecoin, XRP, Cardano, Polygon, and Polkadot also suffered losses. As a result, the global cryptocurrency market cap experienced a decrease to approximately $1.09 trillion, reflecting a 4% decline within the last 24 hours.