Alexander Savenkov Bitcoin and Ethereum faced considerable downward pressure as the market reacted to the lawsuit filed by the Securities and Exchange Commission (SEC) against Binance, a prominent cryptocurrency exchange. Bitcoin, in particular, reached its lowest level in over two months, while Ethereum also experienced a drop below $1,800.
Bitcoin’s price saw a substantial decline in response to the SEC’s legal action against Binance. BTC/USD reached a low of $25,445.17 during the current trading session, following a previous high of $26,810.22.
This downward movement pushed Bitcoin to its weakest point since March 17 when it reached a low of $24,946. Notably, the drop coincided with the 14-day relative strength index (RSI) falling below the 38.00 threshold. As of now, the RSI is at 36.12, marking its lowest level since mid-March. Despite a recent upward crossover of moving averages (MA), the 10-day trendline has now shifted in a downward direction.
Similarly, Ethereum felt the impact of the market turmoil, resulting in prices falling below $1,800. After reaching a high of $1,870.82 earlier this week, ETH/USD dropped to an intraday low of $1,780.21.
Compared to Bitcoin, Ethereum’s decline was relatively subdued, with prices hitting a ten-day low. Over the past seven days, Ethereum has experienced a 6% decrease in value, while Bitcoin has lost over 8% within the same period.
The RSI reading for Ethereum currently sits close to a support point at 42.00, indicating a potential buying opportunity for bullish traders. As a result, ETH has rebounded and is now trading at $1,814.38.
In light of these developments, it remains uncertain whether there will be a second wave of selling as a result of the SEC lawsuit. Feel free to share your thoughts on this matter in the comments section below. Don’t forget to sign up for our weekly price analysis updates by registering your email here.
Title: Bitcoin and Ethereum Experience Significant Declines Amid SEC Lawsuit Against Binance
Bitcoin and Ethereum faced considerable downward pressure as the market reacted to the lawsuit filed by the Securities and Exchange Commission (SEC) against Binance, a prominent cryptocurrency exchange. Bitcoin, in particular, reached its lowest level in over two months, while Ethereum also experienced a drop below $1,800.
Bitcoin’s price saw a substantial decline in response to the SEC’s legal action against Binance. BTC/USD reached a low of $25,445.17 during the current trading session, following a previous high of $26,810.22.
This downward movement pushed Bitcoin to its weakest point since March 17 when it reached a low of $24,946. Notably, the drop coincided with the 14-day relative strength index (RSI) falling below the 38.00 threshold. As of now, the RSI is at 36.12, marking its lowest level since mid-March. Despite a recent upward crossover of moving averages (MA), the 10-day trendline has now shifted in a downward direction.
Similarly, Ethereum felt the impact of the market turmoil, resulting in prices falling below $1,800. After reaching a high of $1,870.82 earlier this week, ETH/USD dropped to an intraday low of $1,780.21.
Compared to Bitcoin, Ethereum’s decline was relatively subdued, with prices hitting a ten-day low. Over the past seven days, Ethereum has experienced a 6% decrease in value, while Bitcoin has lost over 8% within the same period.
The RSI reading for Ethereum currently sits close to a support point at 42.00, indicating a potential buying opportunity for bullish traders. As a result, ETH has rebounded and is now trading at $1,814.38.
In light of these developments, it remains uncertain whether there will be a second wave of selling as a result of the SEC lawsuit. Feel free to share your thoughts on this matter in the comments section below. Don’t forget to sign up for our weekly price analysis updates by registering your email here.
Table Of Contents
Frequently Asked Questions (FAQs) about cryptocurrency market downturn
What caused the significant declines in Bitcoin and Ethereum prices?
The significant declines in Bitcoin and Ethereum prices were primarily caused by the SEC lawsuit filed against Binance, a major cryptocurrency exchange. The market reacted negatively to this legal action, leading to a downturn in the overall cryptocurrency market.
How low did Bitcoin’s price drop during this period?
Bitcoin’s price dropped to its lowest point in over two months, reaching a low of $25,445.17 during the current trading session. This decline marked Bitcoin’s weakest level since March 17 when it hit a low of $24,946.
Did Ethereum experience a similar decline in price?
Yes, Ethereum also faced a decline in price during this period. It dropped below $1,800, slipping to an intraday low of $1,780.21. However, compared to Bitcoin, Ethereum’s decline was relatively subdued.
Will there be further selling pressure in the market due to the SEC lawsuit?
It remains uncertain whether there will be a second wave of selling as a result of the SEC lawsuit against Binance. The market dynamics can be unpredictable, and various factors can influence investor sentiment. It is important to closely monitor the developments in the market and make informed decisions based on updated information.
More about cryptocurrency market downturn
- SEC Official Website – Official website of the U.S. Securities and Exchange Commission (SEC).
- Binance Official Website – Official website of Binance, a leading cryptocurrency exchange.
- Bitcoin Price Chart – Real-time and historical price chart for Bitcoin.
- Ethereum Price Chart – Real-time and historical price chart for Ethereum.
5 comments
Woah, Bitcoin and Ethereum are takin’ a real beating due to that SEC lawsuit against Binance. Market’s goin’ downhill, folks!
BTC dropped to its lowest point in months, while ETH slipped below $1,800. It’s a bumpy ride, but let’s see if the bulls can bounce back.
SEC and Binance at it again, causin’ chaos in the crypto world. Can’t catch a break, can we? Holdin’ on tight to my digital assets!
Ethereum holds its ground better than Bitcoin amidst all this legal drama. Hopin’ for a swift recovery soon. #ETHstrong
Brace yourselves, folks! Will this SEC lawsuit trigger a second wave of sell-offs? Let’s keep our eyes peeled for more market turbulence.