Major coins traded in the green on Tuesday evening as investors continued to process the implications of the Commodity Futures Trading Commission, or CFTC, lawsuit against Binance and its founder Changpeng Zhao.
| Cryptocurrency | Gains (+/-) | Price (Recorded 10 p.m. EST) |
|---|---|---|
| Bitcoin | +0.94% | $27,309 |
| Ethereum | +3.62% | $1,778 |
| Dogecoin | +1.76% | $0.073 |
What Happened: At the time of writing, the global crypto market capitalization stood at $1.15 trillion, an increase of 1.99% over the last day.
| Cryptocurrency | Gains (+/-) | Price (Recorded 10 p.m. EST) |
|---|---|---|
| Mask Network | +18.24% | $6.63 |
| Conflux | +17.23% | $0.36 |
| Lido DAO | +14.80% | $2.36 |
U.S. stocks markets dropped sharply Tuesday, with the S&P 500 and tech-heavy Nasdaq falling 0.16% and 0.58%, respectively, amid fears of an uncertain future for banking in the country.
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News Highlights: In a Monday blog post, Zhao expressed his disagreement with the recent lawsuit filed by the CFTC, calling it an “incomplete recitation of facts.” On Tuesday, however, CFTC Chair Rostin Behnam asserted that the action “seemed to be a pretty clear case of evasion and something that we needed to step in aggressively with and do it as quickly as possible.”
Analyst Notes: Crypto analyst Justin Bennett, in a blog post, said Bitcoin remains stuck in a sideways cycle since the 18th of this month after it attempted to break the crucial $26,500 level. A daily close below this level could potentially expose Bitcoin to the range highs of between $25,200 and $26,860 between August 2021 and February 2023.
“However, the more significant test for bulls is $27,700 resistance to open up $28,900. I’m still leaning cautiously bearish while Bitcoin is below $28,900 on the higher time frames. As mentioned in Discord last week, I still have my BTC short at a $28,133 average. That said, I’m not willing to get aggressive with shorting Bitcoin as long as it’s above $26,500 and $25,200,” Bennett added.
Pseudonymous analyst Kaleo believes that we are still in the midst of the Bitcoin rally and FUD (Fear, Uncertainty, and Doubt) is creating dips that present incredible stacking opportunities.
“Every day Bitcoin is under $30,000 [it] is a gift.”
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