Bitcoin moved below $27,000 during the session on Tuesday as the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance. The lawsuit claims that Binance knowingly offered unregistered crypto products to US clients. Ethereum was also lower on the news, briefly dipping below $1,700.
Bitcoin
bitcoin (BTC) fell below $27,000 in today’s session as markets reacted to the news that the CFTC had filed a lawsuit against Binance.
BTC/USD fell to an intraday low of $26,606.69 on the news, coming a day after trading at a high of $27,979.07.
As a result of today’s sell-off, the world’s largest cryptocurrency fell to its lowest level since March 17.
Looking at the chart, this drop comes after a recent bottom was broken at the $27,100 mark, which coincided with the Relative Strength Index (RSI) also breaking out.
At time of writing, the index is now at the 58.51 level, which is marginally below its support at 60.00.
Overall, the bulls have re-entered the market, and at the time of writing, bitcoin is trading at $27,126.85.
Ethereal
ethereal (ETH) moved lower on Tuesday as well, after nearly rising back above $1,800 to start the week.
After a high of $1,797.88 on Monday, ETH/USD fell to a low of $1,690.52 earlier in today’s session.
Like Bitcoin, this drop sent Ethereum to its weakest point since March 17, when prices fell to $1,666.
The drop comes after a drop in price strength, which sent the RSI moving to its lowest level in two weeks.
At time of writing, the index has now recovered from this bottom at 51.00 and currently sits at 54.50.
In general, ETH it is down 1.52% in the last seven days.
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Could this CFTC lawsuit be applied to other cryptocurrency exchanges? Leave your thoughts in the comments below.
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