{"id":17687,"date":"2024-10-11T10:43:03","date_gmt":"2024-10-11T07:43:03","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-tests-60000-amid-weak-macro-data-and-sec-lawsuit-against-cumberland\/"},"modified":"2024-10-11T10:43:03","modified_gmt":"2024-10-11T07:43:03","slug":"bitcoin-tests-60000-amid-weak-macro-data-and-sec-lawsuit-against-cumberland","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-tests-60000-amid-weak-macro-data-and-sec-lawsuit-against-cumberland\/","title":{"rendered":"Bitcoin Tests $60,000 Amid Weak Macro Data and SEC Lawsuit Against Cumberland"},"content":{"rendered":"<p>On the evening of October 10, the price of the leading cryptocurrency fell below $59,000 before rebounding above $60,000. The selling pressure was triggered by disappointing macroeconomic data from the US and a <a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2024-169\">lawsuit<\/a> from the <span data-descr=\"United States Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> against market maker Cumberland.<\/p>\n<p>The regulator accused the firm of operating as an &#8220;unregistered dealer&#8221; in cryptocurrency transactions. According to the agency&#8217;s statement, the company profited from the sale of digital assets, interpreting them as &#8220;commodity exchanges.&#8221;<\/p>\n<p>Consumer inflation data effectively ruled out a 50 basis point rate cut by the <span data-descr=\"United States Federal Reserve System\" class=\"old_tooltip\">Fed<\/span> in November, according to Bloomberg. The negative sentiment was mitigated by a jump in unemployment benefit claims from 225,000 to a 14-month high of 258,000.<\/p>\n<p>The weakening risk appetite in global financial markets led to an increase in daily outflows from BTC-ETF from $40.6 million to <a href=\"https:\/\/sosovalue.com\/assets\/etf\/us-btc-spot\">$120.8 million<\/a>. The negative trend continued for the third consecutive day.<\/p>\n<p>The funding rate for perpetual contracts fell to 0.0015% from 0.006\u20130.01% prior to the macroeconomic data release.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-1252.webp\" alt=\"1-1252\" class=\"wp-image-243016\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/www.coinglass.com\/pro\/AvgFunding\/BTC\">Coinglass<\/a>.<\/figcaption><\/figure>\n<p>Analysts at CryptoQuant <a href=\"https:\/\/cointelegraph.com\/news\/over-63-000-btc-sent-exchanges-three-days-cryptoquant\">recorded<\/a> a transfer of 63,500 BTC ($3.86 billion) to exchanges from October 7 to 9, which may explain the negative trend in the following days.<\/p>\n<p>Technical analyst Ali Martinez estimated that Bitcoin whales sold 30,000 BTC ($1.83 billion) from October 8 to 10.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> whales have sold or redistributed around 30,000 <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> in the past 72 hours, totaling $1.83 billion! <a href=\"https:\/\/t.co\/y9FsARYrmM\">pic.twitter.com\/y9FsARYrmM<\/a><\/p>\n<p>\u2014 Ali (@ali_charts) <a href=\"https:\/\/twitter.com\/ali_charts\/status\/1844317931523670336?ref_src=twsrc%5Etfw\">October 10, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>However, Santiment noted that most traders viewed the drop in the digital gold&#8217;s price to a three-week low as a buying opportunity.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">? Bitcoin has dropped as low as $58.9K today, returning to a 3-week low. However, traders are identifying this as a dip buy opportunity. The narrative flipped to bullish particularly after the US CPI report announced still likely expected rate cuts. <a href=\"https:\/\/t.co\/Yet0YTjeiL\">pic.twitter.com\/Yet0YTjeiL<\/a><\/p>\n<p>\u2014 Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1844467892194308252?ref_src=twsrc%5Etfw\">October 10, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Glassnode has previously warned of the cryptocurrency market&#8217;s susceptibility to increased volatility.<\/p>\n<p>Earlier, Bitwise outlined conditions for Bitcoin&#8217;s rise above $80,000 by the end of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On the evening of October 10, the price of the leading cryptocurrency fell below $59,000 before rebounding above $60,000. The selling pressure was triggered by disappointing macroeconomic data from the US and a lawsuit from the SEC against market maker Cumberland. The regulator accused the firm of operating as an &#8220;unregistered dealer&#8221; in cryptocurrency transactions. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17686,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1205,1145,1478,128],"class_list":["post-17687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-cryptoquant","tag-market-analysis","tag-santiment","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"39","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17687","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=17687"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17687\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/17686"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=17687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=17687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=17687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}