Even though Bitcoin showed power by immediately bouncing back from the support level of $25,500 on 6th June, it won’t be simple to break over $27,500. The SEC has taken a total of around eight enforcement proceedings involving cryptocurrencies in the last six months. A few observers said that by taking action against the two major exchanges, the SEC has been trying to atone for its failure to regulate FTX.
After FTX’s bankruptcy in November 2022, investors continue to anticipate more regulatory oversight, including the current lawsuits against Coinbase and Binance. Further, investors’ worries about an impending global recession limit the upward potential of risky assets like equities, cryptocurrencies, and developing markets.
Analyzing The Depressing Fall In Bitcoin Data
According to updated projections from the region’s office of statistics, Eurostat, issued on June 8, the eurozone went into recession around the initial quarter of 2023. The ECB may be less able to raise interest rates further to combat inflation if the economy continues to perform poorly. Bridgewater Associates founder and multibillionaire Ray Dalio said that the United States is experiencing persistently high inflation and high real rates of interest. Dalio foresaw a glut of debt offered with few takers, which is worrisome given how eager the US government is for cash now that the debt ceiling has been reached.
The majority of recent data in the macro economy has been depressing, particularly when China revealed on June 6 a 4.6% fall in imports year after year. In addition, on June 7 Japan reported a 0.4% quarter-after-quarter decline in its GDP. To better appreciate how trading professionals are positioned in the deteriorating global market, one may look for Bitcoin tickers below $26,447 derivatives measures for a better understanding of the situation.
