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The Daily Hodl
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BTC Price Action An ‘Absolute Mess’ After BitMEX Investigation Unveiled – Bitcoin, Ethereum, Litecoin, Bicoin Cash, EOS, Tron, Cardano Forecasts

by Daily Hodl Staff
July 19, 2019
in Bitcoin
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

‎‎‎ ‏‏‎

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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…

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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.

(https://t.co/qvPw9OoMuL) pic.twitter.com/jLBvcGCFqr

— 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.

Source: COIN360

CoinDesk’s Omkar Godbole says Bitcoin is looking bearish in the short term until and unless it can break $11,080.

Bitcoin

CoinDesk – Short of target: Bitcoin’s $1K rally leaves bear bias intact

Bitcoinist – High volatility expected again soon

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Ethereum

FXStreet – ETH/USD heading for another retest of supporting daily trend line

XRP, Litecoin, Bitcoin Cash, EOS, Tron Cardano

FX Empire – Bounce-back possible for XRP, LTC and BCH if key levels are avoided

NewsBTC – Crypto market could continue higher: BCH, EOS, TRX, ADA analysis

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Bitcoin
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5.36%
Ethereum
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4.84%
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$231.62
7.91%
Polkadot
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Cardano
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3.8%
XRP
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5.22%
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