Start in Q4
Bitcoin is experiencing a mixed start to the new quarter. At noon, many indicators speak for a new attack on the resistance at 11000 USD. However, the traditional markets and negative news from the crypto space are pushing the price down drastically. Within just one hour, the BTC falls by over 400 USD. We take a look at the current market situation.
Bitcoin price current
At the time of writing, the market leader is quoted at USD 10625, which is a daily loss of 1.49%. After a promising start, the bears take over around noon. Shortly before, negative news reaches the crypto space, according to which the US Commodity and Futures Trading Commission is punishing the owners of BitMex for violating money laundering regulations.
In an official statement, the Commission states the following:
“ The Commodity Futures Trading Commission today announced the filing of a civil enforcement action in the U.S. District Court for the Southern District of New York charging five entities and three individuals that own and operate the BitMEX trading platform with operating an unregistered trading platform and violating multiple CFTC regulations, including failing to implement required anti-money laundering procedures. This case is brought in connection with the Division of Enforcement’s Digital Asset and Bank Secrecy Act Task Forces.“
Traditional markets have a weak start to the day
Almost at the same time, Wall Street starts the day with a downtrend. Due to the high correlation to the traditional markets, it hits the No.1 crypto currency particularly hard. In a rush, the exchange rate rattles down by over 400 USD. Only the support area at 10500 USD can stand up to the bears. Despite a slight recovery, Bitcoin starts the 4th quarter with a loss.
What are the Altcoins doing?
Most Altcoins follow the BTC on Thursday at every turn. Ethereum is threatened by a further drop below the important 350 USD mark (current rate: 353 USD) after a price loss of 1.21% and Ripple (+ 1.67%) must continue to let Tether go. After the strong trend of the previous days, the NBB is down 5.76% today and Crypto.com Coin (- 2.16%) is pushing Cardano (- 2.76%) out of the top 10.