Under pressure from regulatory sensationalism, the bitcoin exchange rate has fallen below the key 200-week moving average.
#cryptocurrency screener that determines the price of BTC/USD based on trading on spot exchanges, the asset has fallen to a low of $25,456, well below the 200-week moving average, which is now at $26,400. The 200-week moving average acts as a key support during a bull market. If the weekly candlestick closes below its level, it will mean that bitcoin returns to a bearish trend.
The Bloodbath of #Altcoin
This past week will go down in history due to the unprecedented attack by the SEC on the cryptocurrency market. The chronology of events is as follows:
The #SEC is suing the world's largest cryptocurrency exchange Binance and its CEO Changpen Zhao.
The SEC is suing Coinbase, the largest U.S. cryptocurrency exchange.
Robinhood, one of the largest cryptocurrency trading platforms, is ending support for Cardano (ADA), Polygon (MATIC) and Solana (SOL) because the SEC called them securities in lawsuits.
SEC Chairman Gary Gensler speaks at the conference and states that most cryptocurrencies are subject to securities laws, which means trading them is illegal.
The result of this violent activity was not long in coming: there was a collapse of the entire market, and if #bitcoin fell overnight by 5%, then Cardano and Solana - almost 25%.
Apparently, Michaël van de #Poppe , head of trading firm Eight, does not share this optimism. He pointed out that, as in the case of bitcoin, the cryptocurrency market's overall capitalization loss of its 200-week moving average would be a strong bearish signal.
