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 (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 (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.
Register your email here to get weekly price analysis updates delivered to your inbox:
Could this CFTC lawsuit be applied to other cryptocurrency exchanges? Leave your thoughts in the comments below.
Image credit: Shutterstock, Pixabay, Wiki Commons, Aleksandr Khmeliov / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.