Bitcoin Price and Ethereum Prediction: BTC Retests Triple Bottom at $26,650; Will BTC and ETH Bounce Back?
Bitcoin, the world's largest and most popular virtual currency, failed to maintain its upward stance and dropped near $27,000 on Tuesday morning.
Bitcoin reached its highest level in months on Wednesday, reaching $28,889, but plummeted after the United States Federal Reserve announced a rate rise. Bitcoin has increased by 62.7% since the beginning of the year.
Although, the upticks in the BTC seem to be fading as it dropped to near below $27,000 on the day.
However, the reason for its losing streak could 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 Commodities Futures Trading Commission (CFTC) has sued Binance, the largest cryptocurrency exchange, and its founder, Changpeng Zhao, accusing them of operating an unregulated exchange and a fake compliance program.
The global crypto market is now starting to feel the effects of the CFTC action against Binance, with Bitcoin falling below $27,000, a decrease of more than 3% in the preceding 24 hours. Meanwhile, Ethereum (ETH), which is following the same trajectory as Bitcoin, is down 3% and trading at $1,712.76.
The Commodity Futures Trading Commission (CFTC) has filed a complaint against Binance and its CEO for operating an illegal exchange and a fake compliance program.
However, this announcement has had a detrimental influence on the price of Bitcoin (BTC). Plus, the problem has raised uncertainty in the cryptocurrency market and prompted worries about the regulation of cryptocurrency exchanges.
Investors seem worried that this lawsuit will lead to more scrutiny of the sector by regulators, which could impact the growth and use of cryptocurrencies.
However,
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