New York Sues 3 Crypto Firms, But BTC Is Not Affected!


 "Is it true that Bitcoin remains 'steady'? Afraid of suddenly falling later."

The price of cryptocurrency king Bitcoin (BTC) is holding its ground below the $28,700 level despite news that could put significant selling pressure on the entire digital asset market.

The news concerns the New York Attorney General's office (NYAG) filing a lawsuit against Digital Currency Group (DCG), its subsidiary Genesis Global and the Gemini crypto exchange after allegedly defrauding it of more than $1 billion.

Not only that, the former Chief Executive Officer (CEO) of Genesis Michael Moro as well as Barry E. Silbert who is the founder and CEO of DCG were also charged.

According to New York Attorney General Letitia James, the three companies offering crypto services lied mostly to middle-class investors and defrauded 232,000 customers out of more than $1 billion.

Please note that the BTC price is also unaffected even though the stock has faced a lower decline following the 10-year US Treasury yielding another 6 basis points at 4.97%.

The chairman of the Federal Reserve (Fed) at the Economic Club of New York signaled to keep interest rate hikes unchanged in November 2023, but at the same time wanted to have an open option for a potential hike in December this year.

As of this writing, BTC price has climbed by 2.85% to $29,018 in the last 24 hours with a market cap of $566 billion then recorded a jump of 8.35% over the last week.