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Bitcoin
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The week of June 2-9, 2023 saw a 2.37% drop in the bitcoin price. The greatest volatility occurred on June 5 and 6, when the coin first fell by 5.11%, and the next day rose by 5.82%.. The maximum trading volumes were also recorded at that time.
Source: tradingview.com
SEC lawsuits against cryptocurrency exchanges affected bitcoin, but indirectly. This is largely due to the fact that BTC is not mentioned in the lawsuits as a security. However the further behavior of the exchanges themselves had some negative effect. For example, the actions of Binance.US to delist some trading pairs involving bitcoin. Now bidders will not be able to make transactions with a number of cryptocurrencies through the U.S. site.
Overall, starting in 2022, the focus of bitcoin devotees has already shifted from the U.S. to Asia. Glassnode analysts’ study suggests this: the U.S. was the clear leader in bitcoin trading in 2020-2021. But since mid-2022 the picture has completely changed.. U.S. markets lost about 11% of supply. But the situation in Europe during this period
In the meantime, the situation in Europe has remained practically unchanged during this period.
From the point of view of technical analysis, the increase which appeared at the end of May was not confirmed. June 5 BTC fell to $25 350, which was the lowest value since mid-March. The same mark is a support level. The resistance level remains where it was a week ago – $28 452. The general trend so far seems to be rather declining, with bitcoin trading below its 50-day moving average (marked in blue).
Source: tradingview.com
The Fear and Greed Index did not change over the week. It is still
It is still in the neutral zone and stands at 50.
Ethereum
Ethereum has fallen slightly more than bitcoin over the past week – by 3.3%. The dynamics of this completely repeated the movement of BTC. In seven days, the number of trading sessions when the price of the world’s second most capitalized cryptocurrency was falling was more than those when it was rising.
Source: tradingview.com
Gary Gensler, head of the U.S. Securities and Exchange Commission (SEC), said all Proof-of-Stake (PoS) consensus cryptocurrencies should be regulated as securities. However, in the lawsuits against the two exchanges there was no mention of ether at all. In fact, this can explain the relatively small decline in the value of the second most capitalized cryptocurrency.
Bloomberg Intelligence senior macro strategist Mike McGlone believes that regulatory policy could curb the rise in the value of ether. The expert
notes that the shrinking supply of cryptocurrency, along with rising demand, could lead to new heights.
Crypto trader DonAlt pays no attention to SEC actions at all. He is bullish on Etherium and expects more than 30% growth in value:
<blockquote
“I think we could see a nice jump in ETH… We had a nice breakout attempt (around $1 900), but there was no follow-through. Well, if there are no consequences after something like that, then it’s a good chance to crawl back.. At the moment we are close to being above $1 900 again.. I think that’s the way it’s going to go, and then we’ll easily go up to $2 500.”
On the Etherium platform itself, there has been full agreement on the
Dencum update, which is scheduled to launch in late 2023. There are five suggestions for improving network operation that are designed to reduce fees and increase the size of the data storage. Dencum must be produced on both sides of the blockchain at once. Cancum will be updated in the execution layer, where the rules of the protocol are presented. At the consensus level there will be its own fork – Deneb. Dencum is a merger of Cancum and Deneb.
The picture in terms of technical analysis, despite all the activity of the SEC, has not changed. Vitalik Buterin’s childhood is still in the shadow. The support and resistance levels are $1 750 and $1 927.5, respectively.
Source: tradingview.com
Cardano
Cryptocurrency Cardano, unlike bitcoin and ether, has lost a lot in price over the week – more than 15%. If it weren’t for Monday, June 5, when the ADA token was down 6.77%, and Wednesday, June 7, when it fell 8.72%, the results would have been neutral.
Source: tradingview.com
Cardano Coin
appears in SEC lawsuits against Binance and Coinbase as a security. So a major ADA price collapse should not be too surprising. Cardano’s parent company, Cardano Input Output Global (IOG), believes the SEC made a number of inaccuracies about ADA, which is not and never was a security based on U.S. law.
Cardano developers, meanwhile, have their work cut out for them. Rick McCracken, a prominent proponent of the cryptocurrency, said on Twitter that the Mithrill protocol is almost
ready to launch on the main network. The implementation
will create a more robust and lightweight blockchain through a threshold signature scheme.
From a technical analysis perspective Cardano will remain under the weight of a negative news backdrop. It is quite possible to fall to the support level near $0.3. Resistance level = about $0.386.
Source: tradingview.com
In other words, almost all cryptocurrencies showed negative dynamics from June 2 to 9. At the same time, those mentioned as securities (Cardano and others) in the Securities and Exchange Commission lawsuits were at a greater disadvantage.
This material and the information in it does not constitute individual or other investment advice. The editorial opinion does not necessarily reflect the views of the author, analytical portals and experts;