BTC Moves Below $27,000, Following CFTC Lawsuit Against Binance – Market Updates Bitcoin News
Bitcoin moved below $27,000 during Tuesday’s session, as the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance. The suit alleges that Binance knowingly offered unregistered crypto products to US customers. Ethereum was also lower on the news, briefly falling 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, which comes 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 floor at the $27,100 mark was breached, which coincided with the Relative Strength Index (RSI) also experiencing a breakout.
At the time of writing, the index is now trading at the 58.51 level, which is marginally below the 60.00 support.
Overall, bulls have re-entered the market a bit, and at the time of writing, bitcoin is trading at $27,126.85.
Ethereum
Ethereum (ETH) also moved lower on Tuesday, after nearly climbing 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 decline sent ethereum to its weakest point since March 17, when prices fell to a floor of $1,666.
The drop comes after a drop in price strength, which saw the RSI move to its lowest level in two weeks.
At the time of writing, the index has now retreated from this floor of 51.00, and is currently following at 54.50.
Overall, ETH is down 1.52% over the past 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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