Bitcoin Tumbles Below $59K Amid Inflation Worry, Regulatory Onslaught on Crypto
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Crypto prices are sharply lower on Thursday, led by bitcoin’s 4% decline.
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A re-acceleration in inflation pressure in September initially sent markets lower.
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Declines grew after an SEC lawsuit against digital asset market maker Cumberland DRW.
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BTC will likely trade range-bound until the U.S. election, Lekker Capital’s Quinn Thompson said in a Telegram interview.
Cryptocurrencies continue to face headwinds on a number of fronts, with Thursday bringing a faster-than-hoped inflation report for September and yet another U.S. government regulatory action against a sector participant.
In mid-afternoon U.S. trading, bitcoin {{BTC}} was lower by about 4% over the past 24 hours. At $59,000, the price has returned to levels not seen since the U.S….
