Bitcoin Rebounds After Binance Ruling

 Cryptocurrency prices pared gains Monday after an early rebound above $63,500 after Binance scored a partial victory in its lawsuit against the SEC. Industry experts predict that bitcoin's price could fall even lower as investors experience "summer blues."

Elsewhere, Japanese investment adviser Metaplanet said it bought $1.2 billion of bitcoin. CoinDesk reported that Metaplanet bought 20.2 bitcoin, moving ahead in its strategy to increase its bitcoin holdings by $6 million. The Tokyo-based adviser reported its current holdings at 161.3 BTC.

The Securities and Exchange Commission on May 23 approved 19b-4 forms for eight ether ETF applications, paving the way for spot ethereum ETFs to launch later this year. The S-1 registration statements still need to be approved before the ETFs can officially debut. The SEC did not provide a timetable for a judgment on the S-1 filings.

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