Bitcoin (BTC) defied its lowest levels in the three months to June 10 as altcoins in particular felt the heat from US regulatory pressure.
Altcoin bloodbath as exchanges reshape the landscape
Data from Cointelegraph Markets Pro and TradingView BTC/USD showed it reaching $25,483 on the day, down over $1,200 from the previous day’s high.
While showing vulnerability, bitcoin was spared the fate of major digital currencies, which responded forcefully to the delisting that accompanied US legal action against major exchanges.
Trading app Robinhood has announced that it will remove support for several cryptocurrencies featured in the lawsuit filed against Binance and Coinbase by the US Securities and Exchange Commission (SEC).
That value then bled, as Cardano (ADA) and Solana (SOL) both fell nearly 25% in 24 hours at the time of writing.
“We regularly review the cryptocurrencies we offer on Robinhood,” the company said advertiser on its website.
“Based on our most recent review, we have decided to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27, 2023 at 6:59 PM ET.”
“As expected, after this week’s action on the regulatory front, we saw some deletions that sold off the market,” said Chris Marsalek, CEO of Crypto.com. answered.
“I think we’re in the ‘then they fight you’ phase on the cryptocurrency adoption curve. Make no mistake: the cryptocurrency industry is going to go through this and emerge stronger than ever.”
Crypto.com has confirmed that it will be discontinuing its institutional trading service in the US starting June 21st.
The 200 week BTC price trend line support failed
The events had a significant impact on the overall cryptocurrency market capitalization, with Michael Van de Poppe, founder and CEO of trading firm Eight, warning that the worst could be yet to come.
Related: Bitcoin and Ethereum Get Off the ‘Toothless Discount’ as FOMC Approaches
As with BTC/USD, if the total cryptocurrency balance misses the 200-week moving average (MA), this would be a clear bearish signal. Bitcoin’s moving average trend line is currently near $26,400.
“This is not the weekly candle you want to see on the total cryptocurrency market cap,” he said. Tell Twitter followers next to the chart.
“The loss of the 200-week moving average cries out for a continuation of the downtrend.”
However, Van de Poppe, like some other famous traders Detect interest In altcoin purchases at low prices.
Accompanying him is Krypto Tony, who predicts “incredible entries” are on the table for 2023.
these # altcoin Drops get me really excited at Crypto because they don’t come around very often
I got some amazing entries later this year. I’m going to share some of them with you later today and they are all very realistic.. who’s ready
– CryptoTony (@CryptoTony__) June 10, 2023
For existing traders, the damage has been done — long liquidations totaled $320 million on June 10, according to data from Queen GlassAlthough the day is not over yet.
Another $70 million in short positions also evaporated.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.
