According to BlockBeats, the U.S. Securities and Exchange Commission (SEC) concluded its review of several cryptocurrencies this week, leading to a rise in the prices of some altcoins. On Thursday, Paxos confirmed that the SEC had dropped its investigation into its sister stablecoin BUSD, resulting in a 6.8% increase in BNB. Additionally, Stacks blockchain infrastructure provider Hiro announced on Friday that the SEC had ended its three-year investigation into the company, causing a rebound in the market value of STX. Earlier this month, a federal court ruling reaffirmed the commodity status of ETH, although this decision is non-binding. The court may consider this in future cryptocurrency-related cases, including those involving small-cap tokens. XRP and Cardano (ADA), both long scrutinized by the SEC, have recently seen a 19% increase in their prices.
Bitcoin also appears to have shaken off selling pressure from the German government, which sent its remaining Bitcoin holdings to trading platforms on Friday. The German government's wallet had held approximately 50,000 BTC for several months, but its balance is now zero. In recent weeks, the selling pressure from Germany, the U.S., and Mt. Gox creditors has been a common source of market anxiety. With a significant drop in Bitcoin mining difficulty and panic selling by short-term traders, on-chain analysts believe that Bitcoin may have reached or is nearing a local bottom.
