 What is going on ladies and gentlemen welcome back to Bitcoin daily today? We are doing a mid-week news update on what's going on right now with the pricing You guys are probably wondering why Bitcoin took such a dump today If we go ahead and look over here at the chart. Let me let me move my face out the way real quick hold on Boom there we go If you go ahead and look at coin market cap today, you will see that a lot. There's a lot a lot of red over here So Bitcoin moved down about 1.2 percent Ethereum down about 1% XRP one and a half so there's a lot of red guys a lot of red Poker that's just chilling though, but but we moved back down to the 10,600 range after yet again testing that 11,000 range so you can see on the chart here. We hit the same Level right here. So we kind of double topped right here at the moment So that's something that could have also been part of the reason why we broke this support over here So currently we have dropped we topped out at about let me see Today we went to 10,000 980 so we basically hit that 11,000 mark and right as we got closer there We got this news that basically dumped this the market down dumped everything that basically so You're probably wondering what is going on So one of the major things that happened today in the Bitcoin market was this right here The CFTC charges bitmex with illegally operating an unregistered Trading platform. All right guys as you guys know bitmex is one of the biggest platforms in the Bitcoin market so it definitely caused a lot of fear and uncertainty and And that always affects the price because people are probably trying to get out of positions and Taking their money out of bitmex just in case to be safe As you guys can see here I would just kind of go over what this says The US Commodity Future Trading Commission has charged the owners of bitmex with operating an unregistered trading platform and violating multiple CFTC regulations including failing to meet required AML procedures according to the lawsuit five entities and three individuals were charged with Which include Arthur Hayes the co-founder and CEO of bitmex Ben Dello Ben Dello the exchanges co-founder and Samuel Reed its co-founder and CTO The CFTC files a civil informed enforcement action against bitmex Bitmex is one of the largest crypto currencies in the world Which has found itself at the receiving end of a lawsuit from the CFTC The US Commodity Futures Trading Commission has announced that it filed the civil enforcement action charging five entities and three individuals that own bitmex trading platform with operating an unregistered trading platform and violating multiple CFTC Regulations such as failing to implement the required anti-money laundering procedures according to the official CFTC Filing the charges were made against the five entities and three individuals that own and operate Bitmex The company's name in the lawsuit are HDR global trading limited 100x holding limited ABS Global trading limited shine effort ink limited and HDR global services limited Arthur Hayes which is a CEO and founder of bitmex was also charged as Were the exchanges others co-founder and who currently serve at the as a company's You know the head of the company's so bitmex now faces a legal battle with the CFTC the CFTC Alleges that bitmex has received more than 11 billion dollars guys 11 billion dollars in Bitcoin deposits and made more than one billion dollars in fees Wow conducting significant aspects of its business from the US and accepting orders and funds from US customers like us as Such it's required to follow the country's strict AML and KYC procedures Which the CFTC claims the bitmex failed to do? So I I think this is from the CFTC effective anti-money laundering procedures are among the fundamental requirements and of Intermit intermediaries in the derivatives market whether in traditional product or in the growth growing digital asset market Said James McDonald the director of the division of enforcement's digital asset and bank secretary act task force This action shows the SFTC will continue to work Vigently to protect the integrity of these markets according to the filing the CFTC will seek this Gorgement of ill-gotten gains civil monetary penalties Restitution for the benefit of customers permanent registration and trading bans and a permanent injunction From future violations of the commodity exchange act So that's pretty serious guys It's it's definitely sounds pretty serious and if you go ahead and look over here at bitmex's blog They did write a blog on this So here it says in response to the reports of the US commodity futures trading commission and Department of Justice Decision to file against HDR global trading limited and related parties. We have the following statement So this is their official statement We strongly disagree with the US government's heavy-handed decision to bring these charges and intend to defend the allegations vigorously From our early days as a startup. We have always sought to comply with applicable US laws and as those laws were understood at the time and based on available Guidance in the meantime bitmex platform is operating entirely as normal and all funds are safe To allay any potential customer concerns pending withdrawal requests were processed at 7 1445 UTC in line with our standard procedures. We will process another off cycle withdrawal at 8 o'clock UTC October 2nd 2020 and then 13 UTC as usual So as you guys see here bitmex is planning on fighting the filings and the allegations and They're continuing with business as usual as for us and anyone using the platform So they do say that your funds are safe and there should be nothing to worry about So anyone any of you guys I know a lot of you trade on bitmex Your funds should be safe, but just keep an eye out. You have to be ready just in case anything happens So then here we're looking at as as you know on our chart So we dumped pretty hard, but it started bouncing back over here slowly So let's look at this report here Bitcoin traders have begun recovering from Thursday's bombshell indictments from the CFTC and DOJ Against bitmex and the exchanges co-founders. I don't want to read all the names again So Bitcoin initially dropped 4% from roughly 10,800 on bitmex futures on the news a relatively modest move for typically volatile cryptocurrency market. Earlier last month, for example, Bitcoin made three consecutive 7-8% dips September 2nd through 3rd after trading above 11,000 for the first time this year So so the drop was actually from beyond that But that's okay But as you can see, it's it's definitely Coming back up right now There was some expected negative price action following the disappointment that the dissipation of the bitmex lawsuit But the market has seen seemingly settled a few percent down from where it was beforehand Alternate cryptocurrencies followed Bitcoin's lead Thursday afternoon with the decentralized finance sector of our coins dropping less than 73% over the past 24 hours Thursday is historically the most volatile day of the week according to crypto currency research But it's not yet clear whether the market as a whole decides the impact. We've already seen is sufficient At last check Bitcoin has retraced almost half of its intraday dip as buyers push the price from 10,450 to 10,580 which is more or less what's at currently right now No markets immediate reaction Thursday may only be the Precursor precursor the precursor to more volatility. However We'll see how the markets are that that are currently mostly asleep react I'd expect increased potential for volatility as more people are able to react if Thursday's minor dip Cascades into a larger sell-off is going to be a buying opportunity like we always say Whatever gets liquidated will get liquidated and the markets will reposition and start growing again as traders react to the news The exchange assured its customers that the bitmex platform is operating entirely as normal and all funds are safe and Yeah, that's that's basically it there for that. So Yeah, guys, it's been kind of a crazy Thursday We kind of broke our Trendline that we were using here as you guys can see we were using this trend line this yellow one and it was working Very well But because of the news it caused a sell-off which caused this trend line to break So right now we're waiting to see if we can get right back above this trend line Which is currently at around the set the 10,720 price range so we can continue this and Just kind of forget that this ever happened, you know what I mean? That's usually what I'm trying to do So we did we did see a bounce here currently we're trading at 10,568 If I'm looking for an entry the at the points of interest for me right now or is 10,600 that's a vital level as you guys can see here 10,600 as it has played Major parts in trading as support and resistance levels So if we can get on top of this 10,600 level I would be looking for a breakout entry above that with my first target being 10,800 Which is this line up here and my second target being 11,000, which is up here where we got rejected today So yeah, that's what I'm looking at as far as Bitcoin right now I will do a full market analysis tomorrow on Friday But just wanted to give you guys a heads up on what was going on and why the the price was so volatile today And why it dropped so I'll be right back with you guys tomorrow for a market analysis See you guys tomorrow peace and love We are back with the question of the day this time on this video So as you guys know every video will have a random question about something in the video The question will always be in a random area of the video find a question to find the answer Post your answer in the comments for a chance to win a free month membership to our trading group Winners will get selected randomly once the video receives 30 likes over 30 likes Got it over 30. Good luck. Here we go guys question of the day is do you use bitmex to trade? That's it. Very simple guys drop your answers in the comments. Peace