Digital currency has taken its place very rapidly in the business sector. People and companies are investing in Bitcoins and other digital currencies. Bitcoin is a famous digital currency that operates free of any central control the oversight of banks or governments.
Bitcoin and altcoin feel the pressure of the week’s regulatory bombshells with BTC price action lying below the key 200-week moving average.
Since its creation, Bitcoin has become a revolutionary digital currency. A sit enables peer-to-peer payments without any middle party. In addition, it has set off a tidal wave of other cryptocurrencies and digital assets making use of blockchain technology.
Bitcoin, BTC is currently at $25,972. As a result of increased regulatory pressure from the United States, altcoins faced three month lows on June 10.
AltCoin BloodBath As Exchanges Reshape Landscape
Data from different sources such as Cointelegraph Markets Pro and Trading view showcased BTC/USD hitting $25,483 currently, down over $1,200 from the previous day’s peak point.
Despite exhibiting weakness, Bitcoin avoided the fate of significant alt coins that reacted negatively to delisting that came along with U.S legal action against significant exchanges.
On the other hand, the trading app Robin hood declared that it would stop supporting a number of the cryptocurrencies mentioned in the SEC’s lawsuit against Binance and Coinbase.
Hence, the value of these subsequently decreased with both Cardano ADA $0.285 and Solana $16 down nearly 25% in 24 hours time period.
The company stated on its website,”we regularly review the crypto we offer on Robinhood”.
“Based on our latest review,we have decided to end support for Cradano (ADA) ,Polygon (MATIC) ,and Solana (SOL) on June 27,2023 at 6:59 PM ET”.
Kris Marszalek, CEO of Crypto.com said, “as expected ,following this week’s action on the regulatory front, we saw some delistings causing market sell off”.
“I guess we are in the ‘then they fight you’ stage on the crypto adoption curve. Make no mistake :crypto industry will go through this and emerge stronger than ever”.
Crypto.com confirmed that it would halt it’s U.S institutional trading service beginning June 21.
BTC Price 200-Week Trend Line Support File Fails
The incidents had a significant effect on the total market capitalization of cryptocurrencies. Michael Van De Poppe CEO of trading firm Eight, issued a warning that things might get worse.
Similar to BTC/USD, a loss of the total crypto market cap’s 200-week moving average (MA) would be a blatant bear signal. The moving average trend line for Bitcoin is currently close to $26,400.
” This is not the weekly candle you would want to see on the total market capitalization for Crypto”, he responded on Twitter alongside with a chart
” Losing the 200-week MA shouts for downwards continuation on the trend”
VanDe Poppe, like other famous traders, revelaed his interest in alt coin buys at lower prices. Crypto Tony, who was with him forecast incredible entries on the table for 2023.
These #Altcoin drops get me way too excited in Crypto as they really do not come by that often ?
Got some incredible entries lined up later this year. I will share a few later today with you all and they are super realistic .. WHO IS READY
— Crypto Tony (@CryptoTony__) June 10, 2023
However, the damage was already done for current traders as long liquidations reached $320 million on June 10:and the day wasn’t even halfway over.