Drop in US Bitcoin Trades on Coinbase & Coinbase Dispute with SEC

By: Eliza Bennet

An observable shift in the Bitcoin market towards the end of 2023 indicates a potential decrease in Bitcoin trading enthusiasm among US investors. The change is that BTC-USD on Coinbase, which traded at a premium for most of the year, has been trading at a substandard level to BTC-USDT on Binance, reflecting one of the most significant discounts of the year. The displacement coincides with the week leading into the holiday season, suggesting a potential correlation to investors decreasing their portfolios or decreasing risk, an opinion supported by the observed decline in open interest on the Bitcoin futures market.Read More

In other news, Coinbase has appealed the denial by the United States Securities and Exchange Commission (SEC) of its petition for rulemaking on cryptocurrency. After the veto of the petition by SEC on December 15, Coinbase took immediate action and made their appeal the same day. The U.S. Third District Court of Appeals has ordered SEC to file the record of its decision by Jan 24, 2024. Coinbase referred to SEC's denial of their petition as being arbitrary and capricious and contrary to the Administrative Procedure Act.Read More