Bitcoin Tumbles Below $59K Amid Inflation Worry, Regulatory Onslaught on Crypto
Cryptocurrencies are experiencing challenges due to a higher-than-expected inflation report for September and regulatory actions against sector participants. Bitcoin (BTC) fell approximately 4% to $59,000, a level not seen since the Federal Reserve's interest rate cut in mid-September. The CoinDesk 20 Index declined nearly 3%, with Ether (ETH) dropping 3.5%. The inflation report diminished expectations for further Fed rate cuts in November. The SEC sued Cumberland DRW for trading crypto assets classified as securities without proper registration, raising regulatory concerns. Cumberland stated it would not alter its operations due to the lawsuit. This action follows other regulatory measures, including market manipulation charges against multiple market makers. SEC Chair Gary Gensler criticized the crypto industry, labeling it as rife with fraud.
