In cryptocurrency prices, on Thursday, June 8, Ethereum drops below USD 1,850, Solana & BNB drop up to 8%, and Bitcoin maintains steady at USD 26,000.
In the midst of a broader cryptocurrency slump on Thursday that included altcoins cited and unmentioned in the Securities and Exchange (SEC) lawsuits against Binance and Coinbase earlier this week, Bitcoin returned to the green. Investors seem to have factored in the most recent regulatory body blows to an industry already reeling from several missteps.
The largest cryptocurrency token, Bitcoin, fell back into the red after losing approximately 2% and barely hanging onto the USD 26,000 level. Ethereum, its biggest rival, too had a dip, falling more than 2% and once more falling below the USD 1,850 threshold. However, the altcoins were suffering greatly.
The continuous hostilities between the SEC, Binance, and Coinbase caused Bitcoin to fall below the USD 26,400 mark. Despite efforts, BTC was unable to rebound past USD 27,000. According to Edul Patel, CEO and Co-Founder of Mudrex, "BTC's support currently lies at the USD 26,200 level, while resistance is seen at the USD 26,600 level.
"The price may increase if the immediate resistance is successfully overcome. Numerous other coins also saw losses during the last day, concurrently. The price of the second-largest cryptocurrency is at USD 1,830. Bears are active near the USD 1,900 resistance level, therefore ETH continues to struggle to break through it," he added.
All of the biggest cryptocurrency tokens were trading much lower on Thursday, with the exception of the US dollar-pegged stablecoin Tether. Solana had a more than 8% decline, while BNB and Cardano both experienced a 7% decline. Avalanche experienced a 4% decline while Polygon experienced a 6% decline.
The market capitalization of all cryptocurrencies was trading significantly lower, dropping near the USD 1.1 trillion mark after declining more than 2% over the previous day. The total trading volume did, however, decline by more than 16% to USD 38.18 billion.
While some altcoins, including Lido (LDO) and Ethereum (ETH), were able to rebound from the prior decline in value, including Bitcoin, many other altcoins failed to react in a similar way to the price movement, according to the CoinDCX Research Team.
"The partnership between SWIFT, a major player in banking infrastructure, and blockchain infrastructure company Chainlink represents a significant advancement in blockchain interoperability. Banks are currently testing secure transactions on different blockchains using a single interface thanks to Chainlink's Cross-Chain Interoperability Protocol (CCIP), it added.