[2023-06-12] Bitcoin Retains Stability Amid SEC’s Intensified Pressure on Crypto

[CoinTürk]

In Brief

- The largest cryptocurrency, Bitcoin (BTC), manages to maintain stability despite the increased pressure from the US Securities and Exchange Commission (SEC) on the overall crypto market.
- The dominance rate of BTC in the market is approaching 50%, a level not seen since April 2021, due to the recent decline in altcoins and Bitcoin's relative stability.
- Increased pressure from the SEC on major exchanges Binance and Coinbase, along with lawsuits involving many altcoins, shakes the altcoin market, whereas Bitcoin maintains its stability commendably.

https://en.coin-turk.com/bitcoin-retains-stability-amid-secs-intensified-pressure-on-crypto-market/

[Woodie]

Two interesting things I have noticed happening here, firstly the Exchange shakeup could have pruned out the weakest altcoins off the crypto tree...establishing Bitcoins dominance!

Secondly the SEC move was more of an intimidating stance from what things look like ,  and markets not reacting negatively to this news says do whatever you like you don't have the dead man's switch to shutdown  cryptos..so nomatter how much they try they can do so little to stop  Bitcoin at this point 

[Kakmakr]

I think the market reacted to early to the SEC pressure and a lot of traders are pushing back on other platforms. They saw that Binance was under pressure, so they withdraw some coins from that exchange and found other ways to trade.

We saw the same thing happening when China banned Bitcoin mining, because the miners just relocated their operations to other countries where mining was allowed. (There was a huge dip in the price & hashing power and then it recovered when miners relocated)

[yhiaali3]

Yes, Bitcoin’s preservation of its stability despite all this tremendous pressure that the market has been subjected to in the past period deserves praise and admiration.

I also agree with the view that SEC pressure has had a positive effect on Bitcoin as the SEC pressure has caused investor confidence in Bitcoin to increase.