The cryptocurrency total market capitalization fell to $1.02 trillion on June 15, its lowest level in three months. But while the derivatives market’s resilience and end-of-week price gains amid uncertainty in stablecoins’ reserves provide hope for bulls, it might be too soon to celebrate.

Crypto regulatory conditions deteriorate

The past few weeks have seen a bearish trend fueled by regulatory uncertainty. Last week, Bitcoin (BTC) and BNB (BNB) saw 2.5% gains, but XRP (XRP) dropped 5.2%, and Ether (ETH) traded down 0.7%.

Notice that the 10-week-long pattern has tested the support level in multiple instances, signaling that bulls will have a hard time breaking from the bearish trend while regulatory conditions have worsened across the globe.

For starters, New York-based derivatives exchange Bakkt is delisting Solana (SOL), Polygon (MATIC) and Cardano (ADA) due to recent regulatory developments in the United States. The decision follows last week’s lawsuits brought by the Securities and Exchange Commission against crypto exchanges Binance and Coinbase.

Related: Why is the crypto market up today?

More recently, on June 16, Binance has been the subject of a preliminary investigation in France since February 2022. The France-based arm of the crypto exchange reportedly failed to obtain an operating license and illegally offered its services to French customers. Furthermore, the exchange lacked Go to Source to See Full Article
Author: Marcel Pechman

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