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…