CandleFocus Bitcoin Tumbles Below $59K Amid Inflation Worry, Regulatory Onslaught on Crypto
2024-10-10
Author: Content Editor
The cryptocurrency market faced challenges as bitcoin experienced a 4% decrease and altcoins declined by just under 3%. The US Federal Reserve's unexpected interest rate cut in mid-September led to bitcoin returning to $59,000, and the Consumer Price Index report showing increased inflation in September cast doubt on the possibility of another rate cut in November. Additionally, the US Securities and Exchange Commission (SEC) sued Cumberland DRW, a major digital asset market maker, for allegedly trading crypto assets without registering as a securities dealer. The regulatory environment for US crypto firms remains challenging, as the SEC and Department of Justice have taken actions against the industry throughout the week.
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