Bitcoin dips below $28k amid caution over Coinbase’s SEC notice

An illustrative stock chart and representation of Bitcoin are seen in this multiple exposure illustration photo taken in Krakow, Poland March 21, 2023. (Photo by Jakub Porzycki/NurPhoto via Getty Images)

Bitcoin was down on Monday. Photo: Jakub Porzycki/NurPhoto via Getty

Bitcoin (BTC-USD) dipped below the $28,000 mark suggesting investors are cautious and waiting the outcome of the SEC’s notice to Coinbase.

Bitcoin was down 1.4% to $27,864 on Monday.

Ethereum (ETH-USD) fell 2.6% to $1,756.

The global cryptocurrency market cap was at $1.2tn, a fall of 0.1%, according to Coingecko data.

Coinbase receives SEC Wells notice

Last Wednesday, the US Securities and Exchange Commission (SEC) issued Coinbase Global Inc with a Wells notice — a formal declaration that the regulator intends to recommend an enforcement action.

Shares in Coinbase (COIN) dropped nearly 13% to $67.83.

If the SEC officially classifies cryptocurrencies as securities it would impact the trade volume on cryptocurrency exchanges such as Coinbase by trade volume.

Read more: Crypto live prices

All cryptocurrencies, except bitcoin, would need to register with the SEC, and be forced to adopt technology systems to make their order books audit-compliant.

They would also face strict rules on order execution to prevent market…

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