CandleFocus Bitcoin (BTC) Price Crashes – What’s Should We Expect?
2024-10-10
Author: Content Editor
On Thursday, the cryptocurrency market faced challenges due to unexpected inflation and a regulatory move by U.S. authorities. Bitcoin's price dropped to $59,000 but managed to recover to $59,800. The inflation report showed higher-than-expected price increases in September, causing concerns about the Federal Reserve's rate cuts. The sell-off in the crypto market erased around $147 million in long positions due to rising oil prices and inflation worries. Additionally, the SEC filed a lawsuit against Cumberland DRW for trading crypto assets without proper registration. This follows previous charges of manipulation and harsh statements from SEC Chair Gary Gensler. Analysts suggest that Bitcoin's price may remain stagnant until the U.S. elections in November due to regulatory scrutiny and uncertainty surrounding monetary policy.
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