The world of digital currency has swiftly penetrated the business sector. Individuals and organizations are investing in Bitcoin and other digital currencies. Bitcoin, a renowned digital currency, operates autonomously without the involvement of central authorities or supervision of financial institutions or governments.
Bitcoin and alternative cryptocurrencies are experiencing pressure due to recent regulatory developments, with the price of BTC hovering below the crucial 200-week moving average.
Since its inception, Bitcoin has emerged as a groundbreaking digital currency, facilitating peer-to-peer transactions without intermediaries. Moreover, it has triggered the proliferation of numerous other cryptocurrencies and digital assets utilizing blockchain technology.
Bitcoin, BTC, is presently valued at $25,972. The heightened regulatory scrutiny from the United States led to altcoins hitting a three-month low on June 10.
AltCoin BloodBath As Exchanges Reshape Landscape
Data from various sources such as Cointelegraph Markets Pro and TradingView revealed that BTC/USD has dropped to $25,483, a decrease of more than $1,200 from the previous day’s high.
Despite displaying signs of weakness, Bitcoin managed to avoid the fate of major altcoins which reacted negatively to delistings accompanying legal actions against key exchanges in the U.S.
On the contrary, the trading platform Robinhood announced the discontinuation of support for several cryptocurrencies implicated in the SEC’s lawsuit against Binance and Coinbase.
Consequently, the values of these aforementioned cryptocurrencies plummeted, with both Cardano ADA at $0.285 and Solana at $16 witnessing nearly a 25% decline within a 24-hour timeframe.
The company stated on its platform, “we conduct regular evaluations of the cryptocurrencies available on Robinhood”.
“Following our most recent assessment, we have opted to cease support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27, 2023, at 6:59 PM ET”.
Kris Marszalek, CEO of Crypto.com, remarked, “as anticipated, following the regulatory developments earlier this week, we witnessed several delistings that triggered a market sell-off”.
“I believe we are currently in the ‘then they fight you’ phase of the crypto adoption curve. Rest assured, the crypto industry will navigate through this period and emerge more robust than ever before”.
Crypto.com confirmed that it would discontinue its institutional trading service in the U.S. beginning June 21.
BTC Price 200-Week Trend Line Support File Fails
These occurrences significantly impacted the overall market capitalization of cryptocurrencies. Michael Van De Poppe, CEO of the trading firm Eight, issued a cautionary statement suggesting that the situation might deteriorate.
Similar to BTC/USD, if the total crypto market capitalization falls below the 200-week moving average (MA), it would mark a clear signal of a bearish trend. The current moving average trend line for Bitcoin stands at approximately $26,400.
“This week’s candle for the total market capitalization of Crypto is concerning and not a positive indicator”, he shared on Twitter along with a chart
“Falling below the 200-week MA indicates a potential continuation of the downward trend”
VanDe Poppe, along with other prominent traders, expressed an interest in purchasing altcoins at lower prices. Crypto Tony, a companion, predicted significant opportunities for entry in 2023.
These #Altcoin drops genuinely excite me in the world of Crypto as they are quite rare?
I have some fantastic entry points lined up later this year. I will be sharing a few of them with you all later today, and they are very realistic… WHO IS READY
— Crypto Tony (@CryptoTony__) June 10, 2023
However, for existing traders, the damage had been done as long liquidations surged to $320 million on June 10, and the day was only halfway through.
