Bitcoin briefly reached $25,800 on June 6th, but remained weak following news of the US Securities and Exchange Commission (SEC) suing Binance and its CEO for securities law violations.

Bitcoin has stabilized above $25,000 after a sharp drop following news that the US Securities and Exchange Commission (SEC) has sued Binance, the world's largest cryptocurrency exchange, and its CEO Changpeng Zhao for allegedly evading US laws.

Kraken, a cryptocurrency exchange, is investigating an issue with several crypto funding gateways, including Bitcoin, Ethereum, and ERC20. The exchange's status page announced that deposits and withdrawals are currently delayed, with updates stating that they are working on a solution.

Bitcoin investors are currently in a state of uncertainty as the cryptocurrency has been relatively stable over the past four weeks, with trading volumes dropping significantly. The lack of volatility has caused traders to hold off on making any significant moves, with many waiting for a clear break away from the $27,000 level. Despite this, Bitcoin remains the best-performing asset of 2023, with gains of around 62%. However, analysts predict that the cryptocurrency's halving in 2024 and the U.S. elections could cause significant volatility.

Despite recent regulatory actions from the SEC, there has not been a significant exodus of funds from Binance, the world's largest crypto exchange.

Blockchain computing data center provider and digital asset miner, Core Scientific, has released its production and operations updates for May 2023. The company produced 1,314 self-mined bitcoin and 586 bitcoin for colocation customers, while operating approximately 209,000 bitcoin miners for both colocation and self-mining. Core Scientific also provided data center colocation services, technology, and operating support for around 66,000 customer-owned bitcoin miners. However, the company faces risks and uncertainties related to its Chapter 11 cases, which may impact its liquidity and operations, as well as increase legal and professional costs.

Bitcoin and other cryptocurrencies saw a significant drop in value after the SEC filed a lawsuit against Binance for unregistered securities operations. This news may cause traders to remain cautious until more clarity emerges. However, data from Glassnode suggests that the largest group of Bitcoin whales have been accumulating over the past few days, which could lead to a recovery. The S&P 500 Index is expected to continue its upward trend, while the US dollar index has rebounded and could potentially start a new up-move. In terms of specific cryptocurrencies, BNB, XRP, ADA, DOGE, SOL, and MATIC are all experiencing varying levels of support and resistance. The author of this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.

Coinbase (COIN) shares dropped by 10.3% following news that the Securities and Exchange Commission (SEC) had filed a lawsuit against Binance for allegedly violating federal securities law. The stock initially fell by over 5% upon the release of the filing and continued to decline. Bitcoin (BTC) also fell by more than 5% to below $26,000, while MicroStrategy (MSTR) shares, which hold a significant amount of bitcoin on its balance sheet, fell by almost 9%. The SEC is accusing Binance of offering unregistered securities and staking services to the public, among other allegations, as U.S. lawmakers increase their enforcement actions against crypto companies. In March, Coinbase received a warning from the SEC that it may face enforcement action related to its listing of potential unregistered securities. The exchange has since focused on expanding its presence in Canada, which it believes has clearer rules for crypto firms than the U.S.

Altcoins are experiencing significant losses in the wake of the SEC's legal action against Binance and its CEO, Changpeng "CZ" Zhao. The allegations include the exchange offering unregistered securities to the public, including Binance's BNB token, BUSD stablecoin, and several others. The entire cryptocurrency market is down, with most of the mentioned tokens experiencing declines of 5%-10%. Even bitcoin and ether, the world's largest cryptocurrencies, are down 5% and 4.5%, respectively.

According to data from Kaiko, South Korean crypto traders are not necessarily Bitcoin or Ethereum maximalists, but rather XRP maximalists. In fact, XRP is the most popular cryptocurrency in South Korea after Bitcoin, accounting for 12% of non-BTC and ETH volume.