NFT Platform at Risk of SEC Lawsuit, Bitcoin and Ethereum See Modest Increase
Bitcoin and Ethereum are currently trading near the $60,000 and $2,500 levels, respectively, with key support in focus. The Securities and Exchange Commission (SEC) has issued a Wells Notice to NFT platform OpenSea, cautioning about potential legal repercussions for breaching securities regulations. The response to this news among NFT-related coins has been varied, with Apecoin recording a 6% decline.
In the realm of Bitcoin, the cryptocurrency is priced at $60,140, nearing the $60,000 support level. Data provided by Reflexivity Research indicates a gradual decline in Bitcoin’s trading volume over recent weeks, suggesting the asset has been trading within a low-volume range. Since the March surge to $73,777, Bitcoin has mainly moved sideways.
Ethereum is currently trading at $2,572, encountering resistance as selling pressure impacts its value. Arkham, a crypto intelligence tracker, revealed that Abraxas Capital Management, an asset management firm, transferred 10,000 Ether valued at $34.34 million to Binance after unstaking these tokens from Ether.Fi.
XRP is trading at $0.5729, reflecting a minor 0.67% gain on the day. OpenSea’s CEO criticized the SEC’s Wells notice, expressing the platform’s commitment to defending NFTs against regulatory challenges.
The Helium (HNT) token, part of the Hotspot Network, has demonstrated an upward trajectory on the HNT/USDT daily chart, potentially extending gains by 8.16% to reach $7.9994. The Relative Strength Index (RSI) currently stands at 60.35, indicating a neutral position above 50 but below 70, suggesting room for further advancement.
In other market developments, the Paris Judicial Court has formally charged Telegram founder Pavel Durov with multiple offenses related to online platform operations. CoinGecko’s report highlights the significant outperformance of PolitiFi coins, which surged 782.4% year-to-date, surpassing meme coins that rallied 90% during the same period.
The Stacks Network recently implemented its Nakamoto upgrade, reducing blockchain transaction processing time from 10-30 minutes to just five seconds. Bitcoin Magazine Pro analysts are assessing the potential impact of the weakening US Dollar on Bitcoin’s price dynamics.
Additionally, the UK has prohibited crypto ATMs since 2022, with a recent case involving the arrest of an individual for operating an unregistered crypto ATM. El Salvador’s President Nayib Bukele disclosed to TIME Magazine that the country holds $400 million in Bitcoin, although the cryptocurrency’s adoption among the population has not met initial expectations.
