Bitcoin Remains in a Downtrend

As altcoins decline under SEC pressure, the cryptocurrency market is in decline.

According to CoinMarketCap, the total market capitalization for cryptocurrencies dropped by 7.6% during the course of the week to $1.06 trillion, which is not seen since almost the middle of March. Due to the SEC's continued campaign against the cryptocurrency industry, there was a strong sell-off in altcoins, which increased market jitters.

As issuer Tether opted to manufacture an additional 1 billion stablecoins, USDT has the most demand in such a market.

As one of the most liquid assets in the market, bitcoin briefly served as a safe haven once more, attracting a large number of buyers. The technical picture is still bearish at the same time. 

The week ended with Bitcoin closing below its 200-week moving average, which last time around produced a 20-week downturn. There isn't much to be happy about on the daily period because the decline is still occurring within the bearish range. But only a fix below $25,000, from which BTCUSD rallied over the weekend, would mark the decisive triumph of the bears.

To $1750, Ethereum fell 6.5%. From 3% (XRP) to -28% (Solana) and 22% (BNB), the other top altcoins in the top 10 altered.

Coin News

The US government's attack on the Coinbase and Binance exchanges has hurt the whole cryptocurrency sector. Especially hard impacted have been altcoins, which the SEC regards as securities.

John Reed Stark, a former SEC employee, thinks that holders of cryptocurrency assets should sell their holdings because the storm in the US crypto business has just begun. Laws and rules against manipulation, insider trading, and other fraudulent conduct have no justification in applying to cryptocurrency exchanges. A former SEC official claims that they operate independently and provide inadequate customer protection and risk detection.

According to Bitboy Crypto's YouTube blogger, who cited Binance's lawyer, the business is prepared to spend $1 billion to battle the SEC.

Mike McGlone, a strategist for Bloomberg, claims that the prospect of a bad stock market recession in the US, a gold hoarding trend paired with Fed policy tightening, and other factors might dampen investor confidence in cryptocurrencies. The pressure may cause the riskiest assets to be removed from investment portfolios.

The Dencun (Cancun-Deneb) network update, which is anticipated later this year, was authorized in detail by Ethereum developers during a conference call.

A roadmap for the sustainable growth of the second-largest cryptocurrency in the world was released by Ethereum co-founder Vitalik Buterin.