Bitcoin Eyes $31K; Coinbase Set to Make Final Pitch in Bid to Kill SEC Case

Bitcoin is on the rise and a final plea from Coinbase. You're watching Coin Desk daily. I'm your host, Jen Sani. Let's take a look at the markets. The coin desk, Bitcoin price XBX index is starting off the week in the green. The largest crypto asset by market cap is hovering around $30,800. It continues to gain ground taking bullish cues from traditional rate sensitive assets like gold. The rising price of Bitcoin means good news for micro strategy. Its Bitcoin holdings have again turned profitable. The company's stash was in the red late in 2022 as Bitcoin slumped but catalysts like the spot Bitcoin ETF race and the upcoming having have helped the price nearly double. Former CEO and now executive chairman Michael Saylor is one of Bitcoin's most vocal supporters and remains a prolific buyer. On Tuesday. Coinbase is set to make its final plea for a judge to throw out the S ECs unregistered securities case. According to a person familiar with the plan, the company will double down on its argument that the agency is violating the major questions doctrine. The sec hit the exchange with enforcement action back in June, the judge will ultimately decide the next step in the case. But getting a government enforcement action thrown out at this stage is usually a long shot. Hong Kong's financial regulator has relaxed rules that limit the sale of spot products to professional investors. On Friday. The Securities and futures Commission said it would also allow intermediaries to offer services to a wider range of clients. The change comes amid mounting interest in spot Bitcoin ETF S that's a wrap for coin desk daily. Get more updates on coin desk dot com and we'll see you next time.