Bitcoin, Ether Steady After SEC Threatens to Sue Coinbase: Markets Wrap

The US Securities and Exchange Commission is investigating Coinbase, allegedly threatening to sue the popular exchange if they launch their forthcoming lending product.

article-image

Shutterstock

share

key takeaways

  • Private equity firm 10T Holdings raised roughly $750 million for first growth equity funds
  • Solana’s native token was trading at $193.77, up over 13% on-day, as of press time

Despite looming regulatory action on large cryptocurrency platform Coinbase, ethereum and bitcoin remained steady on Wednesday.

The US Securities and Exchange Commission (SEC) is investigating Coinbase over their upcoming product, Lend. The SEC intends to sue the company if Coinbase launches the program which allows users to earn interest on lended assets, the popular exchange’s chief executive said in a blog post on Tuesday night.

Bitcoin inched its way back up after Tuesday’s brutal plunge when the digital asset fell 10% in less than an hour, according to Messari. From a 24-hour low of $44,429.29, the largest crypto by market capitalization rose to $46,308.63, as of press time. To reach BTC’s all-time high of $64,654.15, the crypto must climb 31%.

Ethereum tried to pare losses as well, ahead 2% on-day, after experiencing a similar fall on Tuesday. Total crypto market cap remains above $2 trillion, notching $2.04 trillion, as of press time.

In altcoins, Solana’s native token was trading at $193.77, up over 13% on-day. SOL hit an all-time high of $194.82 on Tuesday morning following the launch of FTX’s non-fungible token (NFT) platform.

DeFi

  • Chainlink (LINK) is trading at $27.27, down -3.9% with trading volume at $2,515,064,197 in 24 hours at 4:00 pm ET.
  • Uniswap (UNI) is trading at $23.5 with a total value locked of $4,835,604,641, declining -3% in 24 hours at 4:00 pm ET. 
  • DeFi:ETH is 29.8% at 4:00 pm ET.

Crypto

  • Bitcoin is trading around $46,308.63, declining -1.06% in 24 hours at 4:00 pm ET.
  • Ether is trading around $3,479.44, up 1.8% in 24 hours at 4:00 pm ET.
  • ETH:BTC is at 0.075, advancing 2.88% at 4:00 pm ET.

Insight

Juan Aja Aguinaco, co-founder of Shyft, weighed in on financial regulators placing pressure on global crypto platforms.

“Centralized exchanges have three paths in front of them: to comply, to leave the market, or to stay and brace for sanctions,” Aguinaco said. “All three options present substantial challenges [such as] the cost to make the entire operation fully compliant and invest in data protection infrastructure to guarantee users’ privacy, or the cost of blocking an important part of the global crypto market from participating in the product offering.”

Solana (SOL), Bitcoin (BTC) and Ethereum (ETH) trading over the past day Source:TradingView

Equities

  • The Dow declined -0.2% to 35,031.
  • S&P 500 is down -0.15% to 4,514.
  • Nasdaq shed -0.57% to 15,286.

Commodities

  • Brent crude was up to $72.66 per barrel, advancing 1.35%.
  • Gold fell -0.4% to $1,791.3.

Currencies

  • The US dollar strengthened 0.22%, according to the Bloomberg Dollar Spot Index.

Fixed Income

  • US 10-year treasury yields 1.338% as of 4:00 pm ET.

In other news…

Private equity firm 10T Holdings raised roughly $750 million for first growth equity funds, Blockworks reported on Wednesday.

We are looking out for

  • European Central Bank President Christine Lagarde will hold a press conference after the central bank’s rate decision on Thursday

That’s it for today’s markets wrap. I’ll see you back here tomorrow.

Are you a UK or EU reader that cant get enough investor-focused content on digital assets?Join us in London on November 15th and 16th for the Digital Asset Summit (DAS) London. Use code ARTICLE for £75 off your ticket. Buy it now.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png

Research

Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.

/

article-image

Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space

article-image

Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?

article-image

Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month

article-image

It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet

article-image

Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend

article-image

Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million