TheCoinPath

  • Market Cap: $3,572,673,865,848.56
  • 24h Vol: $220,257,778,168.89
  • BTC Dominance: 54.27%
Crypto Market Sell-Off Persists, but Bitcoin and Chosen Altcoins Demonstrate Resilience

Crypto Market Sell-Off Persists, but Bitcoin and Chosen Altcoins Demonstrate Resilience

The cryptocurrency market capitalization has remained above $1 trillion despite regulatory enforcement against the sector. Altcoins such as BNB, Cardano, Solana, Polygon, and Polkadot have experienced a 15% plunge, leading to a 2.4% decline in the total market capitalization between June 4 and June 11. Despite this, two derivatives metrics indicate that bulls are not yet giving up, but may struggle to break the bearish price formation to the upside.

Key points:

– The SEC has sued crypto exchanges Binance and Coinbase for selling securities, leading to a regulatory crackdown on the sector.

– Crypto exchanges such as Binance.US and Crypto.com have faced severe constraints in the US, with the former announcing the suspension of USD deposits and withdrawal channels and the latter no longer servicing institutional clients in the country.

– The Tether premium at OKX stands at 99.8%, indicating a balanced demand from retail investors despite the cryptocurrency markets dropping 17.7% over the last eight weeks.

– Perpetual futures contracts show balanced demand from leveraged longs and shorts for BTC and ETH, with BNB, Solana, and Cardano displaying no excessive short demand after a weekly price decline of 15% or higher.

– It is unclear whether the market will break from the bearish trend, and there is no apparent rationale for bulls to place bets on a V-shaped recovery given the uncertainty in the regulatory environment.

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