Something funny happened during crypto’s week from hell. Even after the Securities and Exchange Commission launched a double-barreled assault on the industry with lawsuits against its two most important companies, crypto prices barely budged. On Monday, Bitcoin was trading close to $27,000, and as of Friday, after days of massive uncertainty and terrible headlines, the price of Bitcoin is around…$27,000.
Ordinarily, a regulatory onslaught by the powerful U.S. government would send asset prices tanking, but that hasn’t happened here. Yes, Coinbase shares took a hit—down around 13% this week—but Bitcoin and other cryptocurrencies appear to have already shaken off SEC Chair Gary Gensler’s legal assault. And this carries some major implications.
