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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.
https://twitter.com/Josh_Rager/status/1152249752341372928
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.
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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