Market volatility made an appearance again and the crypto market was impacted thanks to regulatory possibilities in Europe and the US. On June 30th, BTC values dropped by 3% in one hour and ETH limped towards the $1000 market. The prevailing mood in the market is one of pessimism. Data gathered by analysts shows that BTC prices were at $19,224 in Asia – the lowest since 19th June 2022.
BTC is experiencing a fresh round of weakness due to low momentum, and it is unable to get the critical support required. As the largest crypto, it dived below the support area required. Traders were hoping to experience some relief with prices rising and touching the $20,000 mark.
According to a spokesman from a trading platform, traders want the lows to be swept away and a reclaiming of higher prices. This strong downtrend is a bit uncomfortable and there is hope for seeing strength. In other news, the US SEC is said to have rejected requests by Grayscale to change its BTC investing instruments to an ETF. This news didn’t boost market sentiment.
It also seems that the EU is exerting pressure in the form of regulatory pressure by increasing the number of restrictions on crypto trading. Agreements made by the EU require information of both the source and beneficiary. This is meant to curb anti-money laundering activity by making transaction transparent and make it easy for authorities to investigate. In the meantime, ETH prices are seeking the $1000 support level in more than 10 days, for the first time. Investors and analysts are bracing for more bad news.