Bitcoin Slips Towards $28k As Coinbase Mulls Leaving The US

TL;DR

• Bitcoin has continued its poor performance, losing more than 2% of its value over the last 24 hours.

• Coinbase is considering leaving the US market amidst regulatory uncertainty.

Bitcoin Dips Towards $28k

Bitcoin, the world’s largest cryptocurrency by market cap, has lost more than 2% of its value in the last 24 hours. This has seen it drop towards the $28k level for the first time in weeks.

The poor performance comes as Coinbase, one of the largest crypto exchanges in the world, is considering relocating its headquarters from the United States.

Coinbase’s CEO Brian Armstrong recently revealed that the crypto exchange could relocate from the US if the regulatory uncertainty continues. The United States Securities and Exchange Commission (SEC) has been going after crypto companies in recent months and sent a Wells Notice to Coinbase a few weeks ago.

The regulatory agency has also targeted Binance.US, the United States arm of Binance and Kraken, in recent months. 

Coinbase, as a publicly-listed company, is perhaps the most popular crypto exchange in the US. Following FTX’s collapse, Coinbase's possible relocation from the United States could impact how its users in the country access its services.

Coinbase has already secured a license to operate in Bermuda, in what is being considered a part of their global push.

Some market experts believe that the Bull Run might not completely take off until there is regulatory clarity in the United States and possibly other parts of the world.

Despite the recent poor performance, Bitcoin’s value is still up by more than 50% since the start of the year, outperforming other major asset classes in the process.