Bitcoin consolidated around $27K as investors continued to mull the potential impact of the U.S. Commodity Futures Trading Commission (CFTC) lawsuit against Binance and founder Changpeng Zhao over alleged regulatory violations. _jocelynyang_ reports
against Binance and founder Changpeng Zhao over alleged regulatory violations including running an illegal exchange and a"sham" compliance program.
BTC was recently trading at about $27,225, up about 1% over the past 24 hours. The largest cryptocurrency by market capitalization dipped as low as $26,669 earlier in the day. BTC plunged from highs above $28,000 after the CFTC lawsuit was filed on Monday and has fallen 3% over the past week. “Bitcoin is displaying such unbelievable resilience to what is happening around it, even in the crypto industry, that you have to wonder just how sustainable that can be,” Craig Erlam, senior market analyst at foreign exchange market maker Oanda, wrote in a Tuesday note. He added that the CFTC-Binance-triggered price drop “doesn't feel particularly significant.”
Investors are fretful about the potential impact of the CFTC suit against the world’s largest crypto exchange by trading volume, and increasing regulatory scrutiny that threatens to place some of the same restrictions on the industry as on traditional finance. Meanwhile, Binance and the CFTC sparred in the aftermath of the filing. In a late Monday blog post, Binance CEO Changpeng Zhao
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Former CFTC Chair Massad on CFTC Lawsuit Against Binance: It's a 'Big Deal'The CFTC has sued Binance on allegations that the crypto exchange offered unregistered crypto derivatives products and directed U.S. customers to evade compliance controls through the use of VPNs. Bernstein analysts predict the CFTC could require Binance to cease operations in the U.S. as part of a potential settlement. Timothy Massad, Harvard Kennedy School Research Fellow and former CFTC Chair, shares his reaction and the potential implications for the state of U.S. crypto regulation. [reward]679e01c3-4c4c-4baa-8a79-6077e51e5165[/reward]
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Breaking: Bitcoin (BTC) Price Plunges as Binance and CZ Get Sued by CFTCBinance and its CEO Changpeng Zhao find themselves in the crosshairs of the Commodity Futures Trading Commission (CFTC) as the regulatory body files a lawsuit alleging violations of trading and derivatives rules
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Crypto-Related Stocks Drop Alongside Bitcoin on CFTC Binance SuitBitcoin and shares of crypto-linked companies slid after the CFTC sued Binance. sheldonreback reports.
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Bitcoin drops after CFTC sues crypto exchange Binance for allegedly breaking trading rulesBitcoin is still on track to cap a winning month. It's advanced 16% in March, while ether has gained 6%.
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Bitcoin tumbles as CFTC sues Binance for allegedly violating commodity trading lawsBitcoin tumbles to a 10-day low as Binance faces charges from a U.S. regulator.
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