Bitcoin continues to trade above $26k despite the regulatory pressure on Binance and Coinbase.
Binance.US has suspended the use of fiat currencies on its platform and has delisted several tokens considered to be securities.
Bitcoin Stays Above $26k
Bitcoin, the world’s leading cryptocurrency by market cap, has been the focus of attention in the financial markets in recent days. This comes as Binance and Coinbase, the two largest crypto exchanges in the world, face regulatory pressure in the United States.
Investors were keenly watching Bitcoin and the leading cryptocurrency has held its ground despite the ongoing troubles in the market.
Binance.US, the United States arm of the Binance crypto exchange, suspended the trading of numerous coins and tokens on its platform. The suspended tokens and coins were considered to be securities by the US Securities and Exchange Commission (SEC).
The crypto exchange has also reportedly halted the use of fiat currencies like the US Dollar on its platform. Binance continues to face pressure from the US SEC, with the regulatory agency now seeking to temporarily freeze Binance.US’s assets.
Despite the turmoils, Bitcoin continues to trade above the $26k level. At press time, BTC is trading at $26,489, up by less than 1% in the last 24 hours. However, the leading cryptocurrency has lost nearly 2% of its value since the start of the week.
BNB, the native coin of the Binance ecosystem, has lost more than 15% of its value since the SEC filed a lawsuit against the cryptocurrency exchange. The total market cap continues to stay above the $1.1 trillion level.