Bitcoin Price Back on Track After Hiccup Due to SEC-induced FUDs

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  1. Bitcoin is on track to return to $28,000 soon after multiple FUDs.
  2. Bulls are establishing support from $26,900 to $27,400.
  3. SEC attacked Coinbase, Justin Sun, and other celebrities and influential people.

Bitcoin (BTC) price took a solid hit after multiple FUD attacks from US regulators, especially the Securities and Exchange Commission (SEC). From $28,907.17, BTC crashed overnight to $26,980.20 before getting a buyback to $27,000.

At this rate, people are recognizing a growing support zone from $26,900 to $27,400. Should the market prove resilient to continuous FUD, BTC will be on track to make its $28K comeback.

BTC/USDT 4-hour chart (source: TradingView)

As seen in the chart above, BTC reeled from a barrage of negative news from US regulators. The most notable is the SEC taking its initial steps toward suing Coinbase. Some believe that the SEC is testing the waters; specifically, it may be throwing a pebble at Coinbase and observing if the latter will fight back like Ripple.

SEC got its answer, as executives from Coinbase are expressing their defiance, particularly CEO Brian Armstrong and Chief Legal Officer Paul Grewal.

In addition, SEC is targeting influential people including Tron founder Justin Sun, Grammy winner Akon, actress Lindsay Lohan, American rapper Soulja Boy, singer Ne-Yo, and more.

Sun responded, saying that the lawsuit lacks merit and that he plans to remain undeterred in his crypto-related involvements.

He said:

“The SEC’s civil complaint earlier today is just the latest example of actions it has taken against well-known players in the blockchain and crypto space. We believe the complaint lacks merit, and in the meantime will continue building the most decentralized financial system.”

In other news, Do Kwon might have been arrested by the police in Montenegro.

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Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.