The US courts bring attention to additional questionable SEC actions in its enforcement-focused regulatory approach, while Coinbase achieved notable success in November.
In November 2023, Coinbase (COIN) experienced a significant surge of 61.72%, reaching $131, due to a bullish month for the crypto market and investor reaction to Binance's penalties. Despite facing legal challenges from the SEC, with a court hearing scheduled for January 2024, Coinbase's positive outlook was driven by the SEC's losing streak in court and optimism about a favorable outcome in their case.
Coinbase's gains also reflect investor belief that it stands to benefit from potential account holder migrations from Binance. Additionally, the release of its transparency report highlighted increased government and law enforcement scrutiny, with the US making the highest number of requests.
In the same month, MicroStrategy (MSTR) increased its Bitcoin holdings by 16,130 BTC, bringing its total to 174,530 BTC. The market responded positively to this increase, with investors anticipating institutional inflows to drive the next Bitcoin bull run. The SEC's postponement of decisions on two BTC-spot ETF applications also influenced market sentiment, with hopes of a batch approval window opening between January 5, 2024, and January 10, 2024.
Dogecoin (DOGE) gained 6.73% during the week, closing at $0.0840, as interest in physical moon missions, including the Peregrine Mission 1 launching in December 2023, drove investor enthusiasm. Elon Musk's SpaceX is also exploring moon missions involving DOGE.
Furthermore, the SEC's actions have been under scrutiny in US courts, particularly for obtaining temporary asset freezes and restraining orders against entities like Debt Box for allegedly selling unregistered securities, adding to the regulatory climate surrounding cryptocurrencies and digital assets.
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