Bitcoin in the bearish market environment failed to clear the resistance zone at $31,500 and slumped to the $30,000 mark. The popular cryptocurrency has been in a relatively tight range of price movement for quite some time now and has failed to break the resistance at $32,000 several times over the past month.
Choppy trading has also been observed in the stock market with S&P 500 Index ranged from 3,900 – 4,180 in the same period. Inflation continues to soar. This is adding weight to Bitcoin’s volatility. At the time of writing this article, BTC was trading at $30,214. It has been down by 2.22% in the last 24-hours. Ethereum has also declined by 0.41% and is trading at $1,794.
The altcoins are in the red. Litecoin is the biggest loser. Its down by nearly 3% in the last 24-hours. Polygon and Wrapped Bitcoin are down by 1.30%, Polkadot and Solana lost 0.45% of their value. FTX Token is the biggest gainer. Its ranked 22 and is up by 5.35% in the last 24-hours. Cardano is also in the green – up by 1.11%, and XRP gained 0.30%.
The crypto market’s volatility, especially Bitcoin’s, is attributed to the digital assets regulatory framework proposal introduced to the US Senate on June 7. Senator Cynthia Lummis of Wyoming and Senator Kirsten Gillibrand of New York are supporting the bipartisan bill, which addresses the CFTC’s authority over applicable digital asset spot markets.
Moreover, the Securities and Exchange Commission (SEC) in the United States are probing Binance Holdings – whether the BNB token initial coin offering (ICO) violated the securities rules. There is also a lawsuit, filed by IRA Financial Trust, against Gemini crypto exchange.