Global Regulators Continue Crypto Crackdown, Prices Face Turbulence

Written by BTSE

June 8, 2023

Crypto Market Analysis

Trending tokens on BTSE:

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(as of  2:45 AM UTC, June 8, 2023) 


With a flurry of regulatory challenges this week, the crypto industry has been turbulent. Following charges brought to crypto exchange giants Coinbase and Binance by the SEC, large market cap crypto prices have fluctuated – but generally remained strong. Bitcoin (BTC) and Ethereum (ETH)  dropped 2.22% and 2.1% in the last 24 hours respectively. Bitcoin remains safely above its monthly low of US$25,434, and Ethereum at $1838.04, only slightly wavering from its 30-day moving average of US$1,854. 

Binance’s own cryptocurrency Binance Coin (BNB) has not experienced the same stability, experiencing a sharp nosedive this week following legal action from the SEC. The coin was sitting at around US$307 just 5 days ago on Sunday; however at time of writing, sits at just US$258.15. At the same time, however, BTSE’s recently listed The QWAN (QWAN) rocketed as much as 145% in the last 24 hours, providing a stark contrast to popular coins during a period of regulatory challenges. 

The total amount of stablecoins held across all exchanges has also dropped by more than half in the last 6 months, which could signal a drop in demand for cryptocurrencies. Stablecoins, such as the highly popular USDT, are used as an onramp for a significant portion of crypto traders, so a drop in their holdings on exchanges could conceivably lead to an incoming drop in demand for cryptocurrency.

Across the globe, the United Kingdom also introduced tough new rules and guidance on marketing for cryptocurrency, which has recently been placed on the country’s list of high risk investments. It bans promotions that require users to refer new people to such platforms or investments, and requires all crypto advertisements to feature ‘clear risk warnings’.


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