BTC Moves Below $27,000, Following CFTC Lawsuit Against Binance – Market Updates Bitcoin News

BTC Moves Below ,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 (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.

BTC/USD – Daily Chart

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 (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.

ETH/USD – Daily Chart

The drop comes after a drop in price strength, which saw the RSI move to its lowest level in two weeks.

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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.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, while also being an online trading educator. He currently comments on various asset classes including Crypto, Stocks and FX, while also being a startup entrepreneur.

Image credit: Shutterstock, Pixabay, Wiki Commons, Aleksandr Khmeliov /

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