Bitcoin plunged into the danger zone last week sending altcoin prices down along with it, the leading cryptocurrency reaching $19,000
Bitcoin plunged into the danger zone last week sending altcoin prices lower with it, the leading cryptocurrency reached the $19,000 level and is still trading at that level so far.
This was different from other times recently when the bitcoin price temporarily dropped below $20,000 before rallying, the $19,000-20,000 range seen as a potential pivot point for a much deeper pullback.
Bad news comes in the market
According to a leading analyst, macroeconomic and market factors Crypto She is to blame, and he said that Bitcoin's drop to $19,000 reflects the recent strong correlation between the cryptocurrency market and the stock markets and could also be related to some of the issues that are occurring with cryptocurrency lenders.
He noted that Voyager Digital has issued a default notice of $675 million to crypto hedge fund Three Arrows that is now in liquidation, and Celsius Network is also freezing withdrawals and transfers for its 1.7 million customers and some other crypto companies that are doing the same and laying off employees.
This earlier news was a drag on the market and hurt investor confidence, and it is likely that Bitcoin is still looking for a local bottom and could reach new lows in the coming days.
company Grayscale Litigating the US Securities and Exchange Commission SEC
Bitcoin price pressures appear to have intensified Thursday (June 30) as the US Securities and Exchange Commission (SEC) rejected Grayscale's request to convert its Grayscale Bitcoin-backed trust fund (GBTC) into an Exchange Traded Fund (ETF), and Grayscale responded by filing a lawsuit against SEC.
The lawsuit filed with the US Court of Appeals for the district covering Washington, D.C. is challenging the decision, though, and the ruling is not surprising as the SEC appears to have some issues with cryptocurrencies that will take some time.
There are many long-term Bitcoin ETFs to unfold in this market, but the Securities and Exchange Commission has not allowed such a product, in fact, the Securities and Exchange Commission (SEC) has just approved short-term Bitcoin ETFs which It is now already the second largest ETF producer of Bitcoin, in the opinion of some this shows bias by the Securities and Exchange Commission.
Securities and Exchange Commission Chairman Gary Geisler, who has taught courses related to cryptocurrency, has infuriated the crypto industry for taking a hard line on digital assets.
“All of this is effectively delaying more institutional money from acquiring bitcoin,” says one market analyst, “but that day will finally come, perhaps under the watchful eye of a new SEC commissioner.”
Currency Celsius Biggest loser
Meanwhile, Celsius Network Coin (CEL) was the biggest loser in altcoins last Thursday, dropping by 17%.
The drop coincided with a report that FTX had moved away from a potential deal to financially support Celsius or take over the company, according to the report, with Celsius CEO Sam Bankman-Fried nervous about a potential agreement after finding a "$2 billion hole" in the network's balance sheet.
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