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Bitcoin Derivatives Exchange LedgerX Claims CFTC Treats It Unfairly

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    The drama surrounding LedgerX and its battle with the CFTC takes a new twist with the company's CEO accusing the regulator of "personal animus"

Cover image via news.u.today
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They were supposed to be ahead of Bakkt in the Bitcoin futures race but ended up in a bizarre battle with the U.S. Commodity Futures Trading Commission (CFTC). Now, cryptocurrency derivatives exchange LedgerX doubles down on the accusations directed at the US regulator, claiming that the Chariman's "personal animous" is the reason behind the approval delay.       

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Sparring with the CFTC

According to the two letters obtained by Coindesk, LedgerX might not be in the regulator's good graces anymore simply because of a certain blog post written by the company's CEO Paul Chou. 

“We have strong reason to believe that this unreasonable delay that is in clear violation of the Commodity Exchange Act is related to the Chairman’s animus towards a blog post written by our CEO,” one of the letters states. 

While responding to these accusations, CFTC representative Michael Short emphasized that all entities are subjected to equal treatment by the regulatory watchdog. 

At the end of July, LedgerX announced that it became the first company to offer physically-settled Bitcoin futures. However, the CFTC was quick to put an end to the celebration by claiming that the upstart was yet to get the approval to offer this unique product. 

As reported by U.Today, Chou threatened to sue the CFTC for anti-competitive practices after the incident. 

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The hype might not be justified

Meanwhile, Bakkt, after numerous postponements, finally went live on Sept. 23. Despite all this hassle to gain first-mover advantage, the ICE-backed exchange has so far shown very underwhelming results. Its daily trading volume is significantly lower compared to that of CME Group, which prompted some pundits to call it a flop.

On top of that, tongues have been waggling that Bakkt's slow start might be the reason why the Bitcoin price flash-crashed to the $8,000 level.            

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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