Bitcoin (BTC) challenged three-month lows into June 10 as altcoins in particular felt the heat from United States regulatory pressure.
BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView
Altcoin bloodbath as exchanges reshape landscape
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $25,483 on the day, down over $1,200 from the previous day’s high.
While showing weakness, Bitcoin was spared the fate of major altcoins, which reacted strongly to delisting that accompanied U.S. legal action against major exchanges.
Trading app Robinhood announced that it would remove support for several cryptocurrencies named in the lawsuit against Binance and Coinbase by the U.S. Securities and Exchange Commission (SEC).
These subsequently hemorrhaged value, with both Cardano (ADA) and Solana (SOL) down nearly 25% in 24 hours at the time of writing.
“We regularly review the crypto we offer on Robinhood,” the firm stated on its website.
“Based on our latest review, we’ve decided to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27th, 2023 at 6:59 PM ET.”ADA/USD 1-day candle chart (Coinbase). Source: TradingView
“As expected, following this week’s action on the regulatory front, we saw some delistings causing market selloff,” Kris Marszalek, CEO of Crypto.com, responded.
“I guess we are in the ‘then they fight you’ stage on the crypto adoption curve. Make no mistake: crypto industry will go through this and emerge stronger than ever.”
Crypto.com confirmed that it would halt its U.S. institutional trading service beginning June 21.
BTC price 200-week trend line support fails
The events had a major impact on the overall cryptocurrency market cap, with Michaël van de Poppe, founder and CEO of trading firm Eight, warning that worse may be to come.
Related: Bitcoin, Ethereum to shake off ‘toothless adversary’ SEC as FOMC looms
As with BTC/USD, should the total crypto cap tally lose its 200-week moving average (MA), this would constitute a clear bear signal. Bitcoin’s moving average trend line currently stands at near $26,400.
“This is not the weekly…
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