Bitcoin (BTC) fell to three-month lows on June 10 due to regulatory pressure in the United States, which also affected altcoins. According to data from Cointelegraph Markets Pro and TradingView, BTC/USD dropped to $25,483 on the day, a decrease of more than $1,200 from the previous day’s high.
Although Bitcoin was showing weakness, it was spared the fate of major altcoins, which reacted strongly to delisting that accompanied U.S. legal action against major exchanges. Trading app Robinhood announced that it would remove support for several cryptocurrencies named in the lawsuit against Binance and Coinbase by the U.S. Securities and Exchange Commission (SEC). As a result, Cardano (ADA) and Solana (SOL) were down nearly 25% in 24 hours at the time of writing.
Robinhood stated on its website, “We regularly review the crypto we offer on Robinhood. Based on our latest review, we’ve decided to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27th, 2023, at 6:59 PM ET.”
Kris Marszalek, CEO of Crypto.com, responded, “As expected, following this week’s action on the regulatory front, we saw some delistings causing market selloff. I guess we are in the ‘then they fight you’ stage on the crypto adoption curve. Make no mistake: the crypto industry will go through this and emerge stronger than ever.” Crypto.com confirmed that it would halt its U.S. institutional trading service beginning on June 21.
The events had a significant impact on the overall cryptocurrency market cap. Michaël van de Poppe, founder and CEO of trading firm Eight, warned that worse may be to come. As with BTC/USD, should the total crypto cap tally lose its 200-week moving average (MA), this would constitute a clear bear signal. Bitcoin’s moving average trend line currently stands at near $26,400.
“This is not the weekly candle you’d want to see on the total market capitalization for Crypto,” he told Twitter followers alongside a chart. “Losing the 200-Week MA shouts for downwards continuation on the trend.”
Van de Poppe, like some other popular traders, nonetheless revealed interest in altcoin buys at lower prices. Crypto Tony predicted “incredible entries” on the table for 2023. For existing traders, however, the damage was done — long liquidations totaled $320 million for June 10, according to data from CoinGlass, with the day not yet over. Another $70 million in short positions also evaporated.
Bitcoin fell to three-month lows on June 10 due to regulatory pressure in the United States, which also affected altcoins. Robinhood announced that it would remove support for several cryptocurrencies named in the lawsuit against Binance and Coinbase by the U.S. Securities and Exchange Commission (SEC), which led to Cardano (ADA) and Solana (SOL) falling nearly 25% in 24 hours. The events had a significant impact on the overall cryptocurrency market cap, with long liquidations totaling $320 million for June 10, according to data from CoinGlass. There is concern that worse may be to come, with Bitcoin’s moving average trend line currently standing at near $26,400. Despite this, some traders are interested in buying altcoins at lower prices.