The Crypto Roller Coaster
On June 10, Bitcoin (BTC) found itself playing a game of limbo, dipping down to about $25,483—its lowest level in three months. It seems like BTC is less of a speedy roller coaster ride and more of a sluggish snail these days. Meanwhile, the altcoins were screaming downwards like they were on a free-fall drop ride at an amusement park, losing ground amid heightened regulatory pressures from the U.S.
Altcoin Bloodbath: When Delistings Rain
Things got messy for altcoins. Major players like Cardano (ADA) and Solana (SOL) plummeted nearly 25% in a mere 24 hours, a performance that surely left shareholders throwing popcorn at their screens in disbelief. And why, you ask? Robinhood announced the cancellation of support for several cryptocurrencies, including ADA and SOL, due to ongoing lawsuits against significant exchanges from the U.S. Securities and Exchange Commission (SEC). It’s like being kicked off the ride before you even get started!
Robinhood Makes the Cuts
Robinhood, in all its reviewing glory, stated, “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.” Ouch! That’s a ticket back to the station for many.
The Ripple Effect of Regulation
As the U.S. regulatory body continued its hunt for market oversight, companies like Crypto.com also started feeling the heat. CEO Kris Marszalek described this wild ride as part of the “then they fight you” stage on the crypto adoption curve. So, buckaroo, hold on tight, as this ride ain’t over yet!
BTC’s Resistance: Is It Strong Enough?
Despite all the chaos, Bitcoin held a bit more stability, but even that anchor might not last forever. Michaël van de Poppe, founder of trading firm Eight, noted that if the total cryptocurrency market cap loses its significant 200-week moving average (MA), we could see a clear bear signal, which would be about as fun as a flat tire on a road trip.
What’s Next for Traders?
Despite the predicament, some traders hardy souls were eyeing potential altcoin buys at a discount. With sentiments running high and long liquidations busting through $320 million on that fateful June day, it looks like traders are holding their breath, hoping this storm will pass and lead to new opportunities. Crypto Tony even teased future entries lined up for 2023, so fingers crossed. Will it be a pump or a flop?
The Final Word
While the roller coaster vibe of the crypto market continues to give thrill-seekers a rush, let’s remember: every thrilling ascent comes with a possible drop. Navigating these waters—much like choosing the right ride at the amusement park—requires caution, savvy research, and maybe a little luck. So, as always, do your homework!
