Is the cryptocurrency market about to break its 10-week losing streak?
Regulatory uncertainty and the lack of transparency on stablecoins caused crypto markets to trade at its lowest levels in 3 months. 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 provides hope for bulls, it might be too soon to celebrate. Crypto regulatory conditions deteriorate The past few week have seen a bearish trend fueled by regulatory uncertainty. Last week, Bitcoin (BTC) and BNB saw 2.5% gains, but XRP dropped 5.2%, and Ether (ETH) traded down 0.7%. Total crypto market cap in USD, 1-day. Source: TradingView 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...