Bitcoin Slides After Fed Rate Decision: Cryptocurrency Market Update
Cryptocurrency Prices And News: Bitcoin Slides After Fed Rate Decision, Ethereum Falls Below Key Level
Bitcoin led cryptocurrency prices lower Wednesday after the Federal Reserve skipped a rate hike but signaled for two additional interest rate increases later this year. Ethereum dove below its $1,700 level for the first time since March. The crypto markets remain rattled after the Securities and Exchange Commission last week charged the two top exchanges Binance and Coinbase (COIN) with rules violations.
SEC Chair Gary Gensler's past ties to Binance may complicate the lawsuit against the cryptocurrency exchange after lawyers requested his recusal Wednesday. Bitcoin inched higher early Thursday as cryptocurrency prices were mixed. Cathie Wood bought the dip on COIN stock and grabbed $21 million worth of shares after the Securities and Exchange Commission charged Coinbase with operating as an unregistered exchange on Tuesday. The complaint came one day after SEC announced a lawsuit against Binance, the world's largest cryptocurrency exchange, for rules violations. Despite the lawsuits, bitcoin rose Tuesday after pulling back sharply on Monday. Cryptocurrency prices followed bitcoin higher.
Elsewhere, a group of Dogecoin investors amended their $258 billion lawsuit against Elon Musk, accusing the Tesla (TSLA) CEO of market manipulation and insider trading.