Bitcoin initially sunk 1.4% on the news and was trading just short of $21,640.
However, approximately an hour after the announcement, bulls took control, spiking the price as high as $22,330.
The SEC vs. Paxos: A deep dive into the implications of the lawsuit and its effects on stablecoins
The SEC’s notice to Paxos to stop minting BUSD could have longstanding implications on the crypto market. CryptoSlate’s new report explores the recent and potential consequences of enforcement action against Paxos.