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Thursday, October 1, 2020

Bitcoin Dumps as BitMEX Gets Hit by US Regulators

Bitcoin Dumps as BitMEX Gets Hit by US Regulators

BTC/USD COINBASE:BTCUSD

Bitcoin’s price was as high as $10,932 on spot exchanges such as Coinbase before quickly plunging 4% within two hours to as low as $10,427. It subsequently rebounded a bit to $X as of press time.

The drop coincided with the announcement crypto derivatives venue BitMEX was formally being charged by U.S. regulators for unregistered trading, among other transgressions.

“The news of BitMEX being served with a lawsuit by the CFTC was met with broad-based selling pressure,” said Denis Vinokourov, head of research for crypto brokerage Bequant.

“This is big,” said Vishal Shah, an options trader and founder of derivatives exchange Alpha5, on the CFTC’s announcement. However, Shah noted the declining influence of BitMEX on the market since March, when over $700 million in liquidations helped cause the price of bitcoin to dump to as low as $3,854 on spot exchanges.



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