Bitcoin on the longest winning streak since the pandemic – despite SEC case against crypto companies

Bitcoin accelerated its recovery rally on Thursday during the day, briefly surpassing the $19,000 mark with price gains of around eight percent. Also on Friday morning, he continues the winning streak of recent days. Even reports of a lawsuit by the SEC against two crypto companies cannot stop him at first.

Bitcoin extended its price gains sharply on Thursday night, ending its ninth consecutive day of gains. After Bloomberginformation, this is the longest winning streak since 2020.

Bets on cooling inflation and the US Federal Reserve slowing the pace of interest rate hikes helped all types of assets into 2023. Following the release of US inflation data yesterday, Thursday, bitcoin rose a notch in the evening, hitting $19,030, the highest level since the price drop In November.

Although the price then returned to the $18,750 range, it was still up about four percent on Friday morning during the 24-hour period. It looks like a continuation of the winning streak that has given Bitcoin a price increase of more than 13 percent since the beginning of the year.

SEC Sues Crypto Brokers

Media reports that the US Securities and Exchange Commission is suing crypto firms Gemini and Genesis, which were initially unable to stop the boom. The authority accuses the company of illegally collecting billions in customer funds with the “Earn” lending program and also of offering unregistered securities without permission.

With “Earn”, customers can borrow their digital assets and charge interest in return, some of which was significantly higher than that of traditional banks. The two companies are said to be after up to three billion dollars Bloomberg– Information requested with this offer. In mid-November, the “earning” accounts had to be frozen due to liquidity problems. Since then, users have not been able to access their crypto holdings on the platform.

Regulators have targeted Earn for at least a year. Now, the SEC has filed a lawsuit in the US District Court for the Southern District of New York, seeking fines, injunctions and the return of ill-gotten gains to investors.

However, Gemini co-founder Tyler Winklevoss doesn’t quite understand the fuss. “Earn” has been in negotiations with the SEC for 17 months, he wrote on Twitter. However, the authority only took action when the payments had to be paused.

Bitcoin
(ISIN: CRYPT0000BTC)

Despite the recent gains in Bitcoin and Co, things are bubbling under the surface. The crypto winter has hit the industry hard and is taking its toll. Against this background, it is quite possible that the prices will be reset again. Crypto investors should therefore continue to trade for the long term and not go “all-in” right away, but keep their powder dry.

Notice of conflicts of interest
CEO and majority owner of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that may benefit from any price development resulting from the publication: Bitcoin

Notice of conflicts of interest:
The editor-in-chief of this publication, Mr. Leon Müller, has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that may benefit from any price development resulting from the publication: Bitcoin.

Notice of conflicts of interest
The author has direct positions in the following financial instruments mentioned in the publication or related derivatives that may benefit from any price development resulting from the publication: Bitcoin

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