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Crypto Mixed; SEC Suspends Securities Trading at Bitcoin Generation

Investing.com - Most of the major cryptocurrencies traded in the red on Tuesday morning in Asia, with Bitcoin falling below the $5,300 level.

Bitcoin slid 1.08% to $5,241.2 by 10:58 PM ET (02:59 AM GMT). Ethereum shed 0.33% to $157.73 and XRP was down 1.48% to $0.29589. Litecoin gained 0.48% to $69.687.

The U.S. Securities and Exchange Commission (SEC)’s temporary suspension of trading in the securities of crypto exchange Bitcoin Generation caught a lot of attention from crypto traders. On Monday, the SEC said the suspension will be effective from 9:30 pm ET on April 29 until 11:59 pm ET on May 10.

The regulators’ decision was made “due to concerns about the accuracy and adequacy of information in the marketplace, surrounding its outstanding common stock, promotional activities and the impact they had on the market, as well as the company’s current financial condition”, the SEC said.

“The Commission cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company,” it added.

Oklahoma-based Bitcoin Generation specialises in the development of blockchain technology application, cryptocurrency mining, and cryptocurrency trading. As of April 26, the company had a quoted market cap of $76.9 million.

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