Bitcoin Drops on CFTC’s Suit vs. Binance

Bitcoin sank below $27,000 following news of the lawsuit, dropping to its lowest level since March 17. The world’s largest cryptocurrency by market cap is down 5% in the past 24 hours to about $26,700. Binance coin (BNB) declined by 5%. Matteo Bottacini, a trader at Crypto Finance AG, wrote in a morning note that investors are taking long positions in ether and other altcoins and short positions in bitcoin. “My bias is that upside for BTC looks now limited to the $30Ks while ETH and most of the altcoins are still waiting for the exploit,” he wrote. “Similarly, on the way down, despite BTC being the mega-cap here, I can easily see it trading in the $25k-$22.5k range.”