In a surprising turn of events, Bitcoin has shown remarkable resilience in the face of regulatory challenges, defying expectations and skyrocketing by $2,000 in just a matter of hours.
This comes as the US Securities and Exchange Commission (SEC) launched high-profile lawsuits against both Binance and Coinbase, leading to initial price drops.
However, Bitcoin quickly rebounded and is now more than 4% up on the day. Altcoins, including Ethereum (ETH) and Lido (LDO), have also turned green, demonstrating renewed investor confidence in the crypto market.
Bitcoin had been trading in a tight range around $27,000 for weeks until the SEC’s lawsuit against Binance caused a sharp price drop to a two-month low of under $25,500.
Another blow came with the SEC’s announcement of a lawsuit against Coinbase, leading to another dip below $25,400.
However, in a surprising turn of events, Bitcoin experienced a rapid recovery, soaring by $2,000 to reach $27,400.
Although the price has slightly retraced and currently sits below $27,000, Bitcoin’s market cap has exceeded $520 billion once again.
Altcoins, which initially suffered from the SEC-related uncertainty, are now witnessing a positive shift.
Ethereum, the largest altcoin, dropped to $1,800 but has since rebounded with a 3.5% increase, approaching the $1,900 mark.
Lido (LDO) has also seen a significant surge of 9%, highlighting the broader recovery among alternative cryptocurrencies.
Bitcoin’s recent resilience has helped increase its dominance over altcoins, reaching 46.4% compared to 45.8% before the SEC lawsuits were announced.
This suggests that despite the regulatory challenges, Bitcoin continues to be viewed as a safe haven and a preferred investment option within the crypto market.
