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Bitcoin (BTC) challenged three-month lows into June 10 as altcoins in particular felt the heat from United States regulatory pressure.
Altcoin bloodbath as exchanges reshape landscape
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $25,483 on the day, down over $1,200 from the previous day’s high.
While showing weakness, Bitcoin 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).
These subsequently hemorrhaged value, with both Cardano (ADA) and Solana (SOL) down nearly 25% in 24 hours at the time of writing.
“We regularly review the crypto we offer on Robinhood,” the firm stated on its website.
“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.”
“As expected, following this week’s action on the regulatory front, we saw some delistings causing market selloff,” Kris Marszalek, CEO of Crypto.com, responded.
“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 its U.S. institutional trading service beginning June 21.
BTC price 200-week trend line support fails
The events had a major impact on the overall cryptocurrency market cap, with Michaël van de Poppe, founder and CEO of trading firm Eight, warning that worse may be to come.
Related: Bitcoin, Ethereum to shake off ‘toothless adversary’ SEC as FOMC looms
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.
Accompanying him was Crypto Tony, who predicted “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
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.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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