The world’s largest and most popular virtual currency, bitcoin, failed to maintain its uptrend and fell near $27,000 on Tuesday morning.
Bitcoin hit its highest level in months on Wednesday, reaching $28,889, but fell after the United States Federal Reserve announces rate hike, Bitcoin has gained 62.7% since the beginning of the year.
However, the uptrend in BTC seems to be fading as it dropped below $27,000 on the day.
However, the reason for its losing streak can be attributed to the lawsuit filed by the US Commodity Futures Trading Commission (CFTC) against Binance and its founder. changpeng zhao,
It is worth noting that the US Commodity Futures Trading Commission (CFTC) has sued Binance, the largest cryptocurrency exchange, and its founder, Changpeng Zhao, accusing it of operating an unregulated exchange and a fraudulent compliance program.
The Global Crypto Market Is Now Starting To Feel Its Effects CFTC Action Against Binance, with bitcoin falling below $27,000, a loss of over 3% over the past 24 hours. Meanwhile, Ethereum (ETH), which is following a similar trajectory to bitcoin, is down 3% and is trading at $1,712.76.
Impact of the CFTC Lawsuit Against Binance
Commodity Futures Trading Commission (CFTC) has filed Complaint Against Binance and its CEO for operating an illegal exchange and fake compliance program.
However, this announcement has had a detrimental effect on the price of Bitcoin (BTC). At the same time, the issue has increased uncertainty in the cryptocurrency market and raised concerns about the regulation of cryptocurrency exchanges.
Investors appear to be concerned that the lawsuit will lead to greater scrutiny of the sector by regulators, which could impact the development and use of cryptocurrencies.
However, the announcement also fueled the prospect of more government action, which would negatively impact investor confidence and cause BTC to decline in value.
As a result of the bad news, bitcoin fell by more than 3% from around $28,889 to around $27,000. Nevertheless, the price has already rebounded modestly, and it is uncertain whether the lawsuit will have a long-term impact on BTC’s value.
MicroStrategy’s $150M Bitcoin Purchase Shows Growing Institutional Confidence in the Crypto Market
Billionaire Michael Saylor recently Invested $150 million in bitcoin, spark discussion about the future of cryptocurrency’s value and its impact on the market. It is worth noting that Saylor is a well-known advocate for bitcoin and his investment signals a growing belief in the cryptocurrency.
However, MicroStrategy’s purchase of $150 million in bitcoin has fueled speculation about a possible bullish turn for the cryptocurrency. The move suggests that institutional investors are returning to the market, which could be a sign of increased confidence in bitcoin.
This announcement, as well as the increasing whale activity on the network, suggests that major investors are becoming more involved in the crypto market. Thus, the price of bitcoin is predicted to remain bullish in the future.
Thus, this positive news is seen as one of the major factors that could help BTC limit its recent losses.
bitcoin price
The current price of bitcoin is $26,914, with a 24-hour trading volume of $18.4 billion. Bitcoin is down about 3.5% in the last 24 hours. Based on technical analysis, the BTC/USD pair is currently displaying a bullish trend. Nevertheless, it may face resistance when it reaches the $28,950 level.
Should bitcoin manage to break above the $28,950 resistance level, it could propel its value to $29,250 or possibly $30,500.
On the other hand, if there is a bearish move, the $26,500 and $25,500 support levels are expected to provide sufficient support.
ethereum price
At the moment, Ethereum is priced at $1,724, and has experienced a 24-hour trading volume of $8.5 billion. Ethereum has seen a decline of 1.50% in the last 24 hours.
Currently, Ethereum is struggling to break the $1,840 resistance and it is constantly trading near the $1,700 support area.
If the ETH/USD pair manages to overcome the $1,800 level, it is expected to face resistance at the $1,900 mark.
Support for the ETH/USD pair is expected at $1,700 or $1,620.
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