BitMEX takes a slap in the face from the CFTC, and it’s Bitcoin (BTC) falling off a steep cliff. BTC may have resisted the KuCoin hack, but not a simple announcement from the US regulator. Bitcoin should however benefit from the current talks in the US Senate; the men and women of the law, as well as the financial geniuses of the country, are concocting a plan that should appeal to the bulls.
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BitMEX offers Bitcoin a dip
Bitcoin fell almost 4%, from $ 10,900 to just over $ 10,484 in the space of an hour.
The BTC did not resist the announcement of the CFTC of a civil action against the Seychelles-based BitMEX exchange.
The CEO of BitMEX, Arthur hayes, and the 2 other shareholders of the company, Ben Dela and Samuel reed, are blamed for having accepted 11 billion dollars of deposits, of which a significant part would come from US customers according to the CFTC.
BitMEX has not yet registered with the CFTC and was not able to put in place adequate anti-money laundering arrangements.
The exchange is supposed to block access to its services to US customers; However, 85,000 US accounts have been opened on the platform, as the blocking of IP addresses can be easily bypassed via a VPN.
New gift vouchers are coming
Bitcoin is trading at $ 10,512 at the time of writing. The BTC is experiencing a fall while the dollar could very well explode Bitcoin this week.
4th consecutive day of fall for the dollar, a bearish movement which is not reflected for the moment on the price of Bitcoin.
The Secretary of the Treasury, Steven Munich, indicated on FOX Business yesterday, September 30, 2020, that any agreement resulting from the current negotiations in the Senate, would involve the distribution of a new set of checks for US $ 1,200 to US citizens.
We could therefore theoretically be entitled to a new scenario favorable to Bitcoin with investors fleeing the greenback and turning to the BTC, to protect against the growing threat of dollar inflation.
We’ll see if Uncle Sam’s gift certificates outweigh the threat from the CFTC. Will Bitcoin finally be able to get back on the road to $ 12,000 in earnest, after Steven Munich’s intervention? Bitcoiners, who do we say thank you to? Thank you to all these people who contribute to the depreciation of the dollar, we love you!
Litecoin, welcome in the Silver Age