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Bitcoin Drops to $55k on News of the US CFTC Investigating Binance

BRIEFLY:

ACCORDING TO Bloomberg, THE UNITED STATES CFTC is probing Binance on whether or not it allowed US citizens to business derivatives on the platformBitcoin took a $2k nosedive from $57k to $55k as a consequenceMarch twelfth might be a cursed date for Bitcoin because the Coronavirus dip took place precisely 12 months ago

The US CFTC (Commodity Futures Trading Commission) is reportedly probing whether Binance knowingly allowed US residents to industry derivatives on the platform. CONSISTENT WITH Bloomberg, the CFTC is investigating Binance on involved that it allowed Americans ‘to place wagers that violated US laws’. The record via Bloomberg goes on to indicate the next queries by way of the CFTC.

The CFTC is looking for to figure out whether Binance, which isn’t registered with the company, authorised U.S. residents to shop for and promote derivatives that the regulator polices, mentioned the folks, who asked to not be known since the probe is confidential.

Binance, which has an office in Singapore but says it lacks a unmarried corporate headquarters, hasn’t been accused of misconduct and the investigation may not result in an enforcement motion.

Bitcoin Drops through $2k to $55k

Before information broke of the CFTC investigating Binance, Bitcoin was once trading quite simply at the $57k worth area. Bitcoin then dropped to $55k as quickly because the Bitcoin and crypto trading communities were given wind of the inside track development.

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At the time of writing, Bitcoin is buying and selling at $55,SEVEN-HUNDRED because the King of Crypto supplies combined indications as to what its next course of motion will be.

Is March 12th a Cursed Date for Bitcoin?

To Notice is that today is exactly twelve months for the reason that Bitcoin plunged laborious via over 50% as a result of financial fears as a result of COVID19 being declared a global pandemic.

News of Binance being investigated by way of the CFTC taking place on the related date has led many to invest as as to if as of late is a ‘cursed day for Bitcoin’.

Adam Cochran, a spouse at Cinneamhain Ventures and a certified analyst, easiest summarized this conception via the next tweet.

So at this aspect we agree March twelfth is just a cursed day for crypto costs proper? https://t.co/v1aKYVnHUS

— Adam Cochran (@AdamScochran) March 12, 2021

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