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Market News Cryptocurrencies Under Renewed Pressure

Cryptocurrencies Under Renewed Pressure

The price of bitcoin is currently around $26.4K, down 1.5% in the past day, and has served as support for the past three months.

TOP1Markets Analyst

2023-06-09

9078

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Market for Cryptocurrencies Falls Amid Concerns Over Global Rate Increase and Nasdaq Sell-Off

Over the past 24 hours, the market value of cryptocurrencies decreased 1.8% to $1.1 trillion as risky assets lost momentum and the Nasdaq plummeted. Interest rate increases in Australia and Canada caught markets off guard, increasing the likelihood that the Fed will act similarly next week.

The price of bitcoin is currently around $26.4K, down 1.5% in the past day, and has served as support for the past three months. On Wednesday, as it got closer to its 50-day moving average, the price turned around. The Nasdaq 100, which dropped 1.75% on the day, was the catalyst for this sell-off.

The technical picture is still highly gloomy; Bitcoin is still contained within a two-month decline channel, indicating that a dip toward $25K to test stronger support is imminent.Interestingly, despite the 50-day average still acting as resistance, Ethereum has more vigor and keeps finding support on declines below 1800.

The SEC lawsuit against Binance and Coinbase has increased the median trading volume on decentralized cryptocurrency exchanges (DEX) during the past two days, according to CoinGecko. While Coinbase's outflow was over $600 million, Binance's was close to $800 million.

News pertaining to cryptocurrency The SEC has ordered Binance's accounts to be frozen.US. The site's representatives insist that all user payments are secure.

Coinbase shares were downgraded by Bank of America to "underperform" as a result of the SEC case, which may put the exchange's business model in jeopardy.

Former CFTC chairman Timothy Massad thinks the outcome of the SEC's action against exchanges Binance and Coinbase will determine the direction of the cryptocurrency market.

Five as opposed to nine cryptocurrency businesses were included on Forbes' Fintech 50 list in 2016.

Due to the failure of cryptocurrency companies including FTX, Genesis, BlockFi, Three Arrows Capital, and others, the market value of cryptocurrencies has decreased by $1.4 trillion over the past year.