Crypto analysts are trying to gauge the impact of a new investigation into the crypto exchange BitMEX.
The U.S. Commodities Futures Trading Commission is probing the exchange to determine if it violated the agency’s rules by allowing Americans to trade on the derivatives platform, reports Bloomberg.
The terms of service on the exchange state that trading is prohibited in the U.S., and BitMEX CEO Arthur Hayes says the platform removes anyone found to be using a virtual private network (VPN) to access the exchange.
“Persons that are located in or a resident of the United States of America or Québec (Canada) are prohibited from holding positions or entering into contracts at BitMEX…
BitMEX reserves the right to immediately close the accounts and to liquidate the open positions of persons determined to have breached our Terms of Service.”
Economist and analyst Alex Krüger says since the news broke, Bitcoin’s price action has been a choppy mess with no clear direction.
Today's $BTC price action is an absolute bi-directional mess. The CFTC-Bitmex news were released at 4:26 AM EST.
— Alex Krüger (@krugermacro) July 19, 2019
Fellow analyst Josh Rager says he’s looking for Bitcoin to stay above $10,189 to avoid another break to the downside.
$BTC range to watch
As time goes new ranges and price levels will form
Marked out on the chart with $10,850 still the area to close above
A close below $10,189 wouldn't be good and I'd have bear bias with a move below $9800s
Currently at range support pic.twitter.com/1k6fu7xDNb
— Josh Rager ? (@Josh_Rager) July 19, 2019
Bitcoin is down 1.47% at $10,361 at time of publishing according to COIN360. Ethereum is down 1.99% at $218.60, XRP is down 1.23% at $0.3162 and Litecoin is down 3.68% at $96.16.
CoinDesk’s Omkar Godbole says Bitcoin is looking bearish in the short term until and unless it can break $11,080.
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