Bitcoin rebounded rapidly after the bearish news from the SEC, and according to historical patterns, there may be further upside potential
The news that the U.S
The news that the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against major Cryptocurrency exchange has caused fluctuations in the trend of Bitcoin. If historical rules are taken as guidance, the price of Bitcoin may rise in the short term.
Bitcoin, the largest Cryptocurrency, fell by more than 5% on Monday, and its price rebounded by more than 5% on Tuesday as investors digested the SEC's actions against Coinbase Global Inc.
According to compiled data, similar back-to-back price sawing of at least 5% has occurred five times in the past two years, with an average increase of nearly 11% in the following 30 days.
Despite a series of negative news, the market has shown strong resilience, "said Caroline Mauron, co founder of digital asset derivative liquidity provider OrBitMarkets. However, until the regulatory situation in the United States becomes clearer, short-term gains may be limited
Investors are closely monitoring the outflow of funds from major exchanges, fearing a similar phenomenon to the recent FTX run, "Mauron said.
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