原文标题：Bitcoin Tumbles Below $59K Amid Inflation Worry, Regulatory Onslaught on Crypto
Original author: Krisztian Sandor, Stephen Alpher
Original source: https://www.coindesk.com/
Compiled by: Mars Finance, Daisy
Bitcoin falls below $59,000 amid inflation concerns and cryptocurrency regulation pressure.
Uniswap’s UNI token was the only CoinDesk 20 component to gain ground over the past 24 hours.
Cryptocurrency prices fell sharply on Thursday, with Bitcoin leading the decline, down 4%.
The re-emergence of inflationary pressures in September initially caused the market to move lower.
The declines extended further after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against digital asset market maker Cumberland DRW.
Cryptocurrencies continue to face headwinds on multiple fronts, with Thursday’s September inflation report showing faster-than-expected acceleration in inflation, as well as pressure from another U.S. government regulatory action on the industry.
Bitcoin (BTC) is down about 4% over the past 24 hours during afternoon U.S. trading. The price of Bitcoin fell to $59,000, returning to levels not seen since the Federal Reserve unexpectedly cut its benchmark interest rate by 50 basis points in mid-September. Altcoins fared relatively well, with the CoinDesk 20 Crypto Index down less than 3% over the same period. Ether (ETH) fell 3.5%, while the token of decentralized exchange Uniswap (UNI) saw positive gains on the day, driven by news that the platform was launching its own Layer-2 plan.
Crypto markets were weak at the start of the day after a U.S. Consumer Price Index report showed an unexpected acceleration in inflation in September. The news seemed to scupper the possibility of another 50 basis point rate cut by the Federal Reserve in November, with some market participants now even doubting whether the Fed will pause its rate-cutting cycle at this meeting.
In the afternoon, prices fell further as news broke that the U.S. Securities and Exchange Commission (SEC) had filed a lawsuit against major digital asset market maker Cumberland DRW, once again raising concerns about the regulatory environment facing crypto companies in the U.S. The SEC accused DRW of trading crypto assets sold as securities without registering as a securities broker-dealer.
Cumberland responded to the lawsuit on the X platform (formerly Twitter), saying that “we will not be making any changes to our business operations or the assets for which we provide liquidity as a result of this SEC action.”
The SEC lawsuit is just the latest regulatory action by the U.S. government against the crypto industry this week. On Wednesday, the U.S. Department of Justice filed market manipulation charges against four market makers and more than a dozen individuals. On the same day, SEC Chairman Gary Gensler expressed extreme disdain for the prospects of Bitcoin or cryptocurrencies as a means of payment. He slammed the crypto industry as full of "scammers" and claimed that the industry's "leading figures" are either already in prison or about to go to prison.
