Bitcoin moved below $27,000 during Tuesday’s session after the U.S. Commodity Futures Trading Commission (CFTC) filed suit against Binance. The lawsuit alleges that Binance knowingly offered unregistered crypto products to U.S. customers. Ethereum also dropped on the news, briefly falling below $1,700.
Bitcoin
Bitcoin (BTC) fell below $27,000 in today’s session as the market reacted to news that the CFTC has filed a lawsuit against Binance.
BTC/USD fell to an intraday low of $26,606.69 on the news a day after trading at a peak 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.
The chart shows that the decline comes at a time when the recent bottom of the $27,100 level has been broken and the Relative Strength Index (RSI) has also broken out.
As of this writing, the index is hovering at the 58.51 level, just below support at 60.00.
Overall, bulls have re-entered the market somewhat, with bitcoin trading at $27,126.85 at the time of writing.
Ethereum
Ethereum (ETH) also turned lower on Tuesday after nearly rising above $1,800 earlier in the week.
Following a high of $1,797.88 on Monday,ETH/USD fell to a bottom of $1,690.52 earlier in the session today.
Like Bitcoin, the drop brought Ethereum to its lowest since March 17, with prices falling to a bottom of $1,666
The decline follows a decline in price strength and the RSI moving to its lowest level in two weeks.
As of this writing, it has bounced back from this 51.00 floor and is currently tracking at 54.50.
Overall,the ETHhas fallen 1.52% over the past seven days.
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Image Credits: Shutterstock, Pixabay, Wiki Commons, Aleksandr Khmeliov / Shutterstock.com.
