3 reasons why the CFTC action against BitMEX will not crash Bitcoin price
Cointelegraph
Published Oct 01, 2020 02:51PM ET
Updated Oct 01, 2020 04:40PM ET
Within the last few hours Bitcoin (BTC) price plummeted as the U.S. Commodities and Futures Trading Commission (CFTC) charged BitMEX with facilitating money laundering and operating an illegal cryptocurrency derivatives exchange. An even larger shock occurred as authorities announced the arrest of Samuel Reed, one of the co-founders of BitMEX.
BitMEX has been the most dominant Bitcoin futures exchange for a long time, at least until March 2020 when the massive $1 billion Black Thursday liquidation pulled the price below $3,750. In recent months, new competitors like Binance Futures and ByBit have significantly increased their market share.
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Written By: Cointelegraph
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