February 28 BTCUSD BingX Chart Analysis and Today's Headline

Robinhood Faces SEC Investigation Over Crypto Business

Today’s Cryptocurrency Headline

Robinhood Markets disclosed in its 10-K filing that shortly after FTX filed for bankruptcy protection in November last year, it received a subpoena from the US Securities and Exchange Commission (SEC) regarding its crypto operations, which involved Robinhood’s “cryptocurrency listings, custody of cryptocurrencies, and platform operations.” Additionally, Robinhood has received similar subpoena requests from the California Attorney General’s Office regarding its trading platform, custody of customer assets, customer disclosures and coin listing. The company said it is cooperating with California’s investigation. Robinhood noted in the filing that if the SEC or a court determines that any of the cryptocurrencies it supports are securities, Robinhood could be forced to stop trading those cryptos.

Bitcoin is down 0.30% over the last 24 hours and fell to an intraday low of $23,110.42. The largest cryptocurrency recovered back above the 20-day exponential moving average on Feb. 26, suggesting the lower levels are attracting buyers. It is possible that the bears will not give up so easily. They will try to pull the price back below the 20-day EMA and challenge the 50-day simple moving average. If the BTC/USDT pair maintain above the 20-day exponential moving average, the bulls will attempt to push the price above $25,000.