Bitcoin price avoids 3-month lows as crypto dive liquidates $390M

Bitcoin price avoids 3-month lows as crypto dive liquidates $390M

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bitcoin (BTC) challenged three-month lows until June 10 as altcoins in particular felt the heat of regulatory pressure from the United States.

BTC/USD 1 hour candlestick chart on Bitstamp. Source: TradingView

Altcoin bloodbath as exchanges reshape the landscape

Data of Cointelegraph Pro Markets and TradingView It showed that BTC/USD hit $25,483 on the day, more than $1,200 less than the previous day’s high.

While showing weakness, Bitcoin was spared the fate of major altcoins, which reacted strongly to the delisting that accompanied US legal action against major exchanges.

Robinhood Trading App Announced that would remove support for several cryptocurrencies named in the lawsuit against Binance and Coinbase by the US Securities and Exchange Commission (SEC).

These subsequently indented the value, both with Cardano (ADA) and Solana (SUN) was down nearly 25% in 24 hours at the time of writing.

“We regularly review the cryptocurrencies we offer on Robinhood,” the firm fixed on your website.

“Based on our latest review, we decided to end support for Cardano (ADA), Polygon (MATIC) and Solana (SOL) on June 27, 2023 at 6:59 pm ET.”

ADA/USD (Coinbase) 1-day candlestick chart. Source: TradingView

“Unsurprisingly, following this week’s action on the regulatory front, we did see some delistings that caused a market sell-off,” Kris Marszalek, CEO of Crypto.com, answered.

“I guess we’re at the ‘then they fight you’ stage of 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 stop your US institutional business service starting June 21.

BTC Price 200 Week Trendline Support Fails

The events had a major impact on the overall cryptocurrency market capitalization, with Michaël van de Poppe, founder and CEO of trading company Eight, warning that the worst could be yet to come.

Related: Bitcoin and Ethereum to Shake off ‘Toothless Adversary’ SEC as FOMC Looms

As with BTC/USD, if the entire crypto capitalization were to lose its 200-week moving average (MA), this would be a clear bearish sign. Bitcoin Moving Average Trend Line currently sits at close to $26,400.

“This is not the weekly candle you would like to see in total Crypto market cap,” he said. said Twitter followers next to a graph.

“Losing the 200-week MA screams for the continuation of the downtrend.”

Annotated chart of crypto market capitalization. Source: Michael van de Poppe/Twitter

Van de Poppe, like other popular merchants, however revealed interest in altcoin buy at lower prices.

He was joined by Crypto Tony, who predicted “incredible innings” on the table for 2023.

For existing traders, though, the damage had already been done: Long liquidations totaled $320 million as of June 10, according to data from glass coinwith the day not over yet.

Another $70 million in short positions also evaporated.

Cryptocurrency liquidations chart (screenshot). Source: CoinGlass

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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.